Is there a way to 'tag' text within a cell such that that text can be formatted differently and handle click actions?

Question

Is there a way to tag areas of text such that the reader knows he/she can click on the text and perform some actions on it such as go to a url.

Ideally the background could be formatted to a 'highlight' color. Once the tag is recognized, 'hover over' and click actions could be implemented.