Is there a possibility to totally erase a story? And how can a weblog be dismantled completely?

Is there a way to post a link with one push of a button like in Blogger? Can this be done with a bookmarklet or something similar? In Blogger (in Metafilter as well) I just select the text which will be underlined later push the link button and enter the url. Same can be done for tags like bold, italics etc.