Tried the insert/add link like this, by dropping an URL into a page, highlighting the URL and typing in the title and you get this? http://www.google.com
What’s happening is that WordPress thinks you’re highlighting the words you want to be the title. Do it this way instead.
Type the “title” of the URL. Select/highlight it and then hit the Insert/Edit link button. Put in the URL and you’re done! Google (why the title doesn’t show up in the dialog box is beyond me)