Yes, simply create a drop-down field with the web address titles then using a delimiter field actually render the web address field. Example as follows.
Drop-Down Values:
Yahoo
Hotmail
MSN
Google
Delimiter Field:
[code:1]
[cb:if cb_website="Yahoo"]<a href="
www.yahoo.com/">[cb_website]</a>[/cb:if]
[cb:if cb_website="Hotmail"]<a href="
www.hotmail.com/">[cb_website]</a>[/cb:if]
[cb:if cb_website="MSN"]<a href="
www.msn.com/">[cb_website]</a>[/cb:if]
[cb:if cb_website="Google"]<a href="
www.google.com/">[cb_website]</a>[/cb:if]
[/code:1]
Ensure your drop-down field is set not to display on profile. I suppose this could get cumbersome if you have A LOT of URLs. The alternative is to develop your own fieldtype plugin to do as you're wanting.