You mean, is there a function that replaces all www.somewhere.com with <a href="http://www.somewhere.com">www.somewhere.com</a>?
No.
But you can use regexps for it. Smth like
$text = preg_replace('#(?:[url]http://[/url])(www.[\s),]*', '<a href="http://\1">\1</a>', $text);
But you will ever have problems with complicated urls (those with lot of different GET variables), no matter how hard will you work on your RegExps 🙂
For simple, "nice" URLs it's rather simple.