Web page addresses and e-mail addresses turn into links automatically.
HTML markup is restricted using the htmLawed filter to make input text more secure, and standards- and admin-compliant. More details about the restrictions in effect (that may vary from one content-type to another) may be available elsewhere, such as in the text of the input format filter-tips and on the input format configuration forms.
Each email address will be obfuscated in a human readble fashion or (if JavaScript is enabled) replaced with a spamproof clickable link.