Detect a link

How can I detect a link in a string and surround that link with the <a href> tag?

For example:

$str = "visit my site at or";

I would then want that to become

$str = "visit my site at <a href=\"\"></a> or <a href=\"\"></a>";

Im thinking of using regular expressions, but I dont know how to go about it.

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$str =~ s#(http://\S+)#<a href="$1">$1</a>#ig;

print $str;

# Add http:// before www., if needed
$str =~ s#\bwww\.#http://www.#gi;

# Add ftp:// before ftp., if needed
$str =~ s#\bftp\.#ftp://ftp.#gi;

# Make <A HREF
# Works for http:// and ftp://
$str =~ s#(h?[tf]tp://[\.\w%&=]+)#<A HREF="$1">$1</A>#gi;

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The accepted answer only creates a link for the domain name not the entire URL, How can we fix that?
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