I'm afraid I do not understand what you are asking.
PHP is a server side scripting language. It cannot do anything "After the fact"
Meaning. Once the php page is parsed through the php engine. Thats it.
If your talking about reading through another physical file then that is possible and very easy.
You simply need to setup a regular expression to locate your url text and then wrap anchor tags around it.
You abosolutely will need some way of differing between normal text and your special URL text. This will be key to using the regular expression.
Look here for the proper php functions to use for reading through the file.
http://us.php.net/manual/en/ref.filesystem.php
and look here for more info about regexes:
http://us.php.net/manual/en/function.preg-match.php