Code:
alias re.link return (?:\w+\:\/\/)?[\w\.]+\.(?:com|net|org|biz|us|ca|uk)(?:[\w\/\%\.]*?)
alias re.mail return [\w.]+\@[\w.]+

alias makelinks {
  var %s = $1-
  %s = $regsubex(%s,/( $+ $re.mail $+ )/gi,04\1)
  %s = $regsubex(%s,/(?<=\s)( $+ $re.link $+ )(?=\s)/gi,12\1)
  return %s
}

on ^*:HOTLINK:*:*:{
  var %halt = 1
  if ($regex($1,/ $+ $re.mail $+ /i)) %halt = 0
  elseif ($regex($1,/ $+ $re.link $+ /i)) %halt = 0
  if (%halt) halt
}

on *:HOTLINK:*:*:{
  if ($regex($1,/ $+ $re.mail $+ /i)) run mailto: $+ $1
  elseif ($regex($1,/ $+ $re.link $+ /i)) run $1
}


Example: //echo -a $makelinks(This email@address.org has a http://www.link.com/path/file.html)

-genius_at_work