This is a documented function within Google Spreadsheet, but I never thought of it before, and had no need for it until recently. Now that I want to be able to have a URL / link for data in a cell, without changing the content of the cell, I use HYPERLINK. Here's how!
=HYPERLINK ("URL","text here") and voila!
For example:
=hyperlink("http://www.el33tonline.com/past_article/2009/11/9/nhl_2k10_review/","NHL 2K10")
There's more information on this located here, but the concept is simple.
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