Note: This problem seems occur AFTER a server upgrade or some change to your php configuration. I'm not sure what causes the problem, but here is the solution.
Symptom:
After creating and then saving a new link in the wysiwyg editor, it ends up looking something like this:
../http://www.domain.com/file.html
Solution:
1) Open the /snippetmaster/ieeditor/ieeditor.php file.
2) Find any instances of the following:
filteredHTML = delAbsolutePaths(filteredHTML);
Change them to:
//filteredHTML = delAbsolutePaths(filteredHTML);
3) Save the file.
That should do the trick. Let me know if you run into any trouble.