Conti, remove the spaces in the code and it will.
(Except it currently tells me that the photo is currently unavailable.)
ETA: Okay, figured it out. You need to remove the spaces, and it didn't work for me because you didn't erase everything in mine.
[url_][/url] (without the underscore) around a link will make it a link. [url_=] can be substituted for the first, and then you paste the link after the equal sign. [url_=http://www.hotmail.com]hotmail[/url] without the space will show as hotmail
[img_][/img] (without the underscore) around a link that ends in an image extension (i.e. jpg, gif, bmp, png, etc.) will show up as an image.
If you use the [url] tag, instead of inserting text (hotmail), you can insert a picture. This will make the picture a link.
Please let me know if all of this makes sense.