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There's already a Drupal module for this purpose called userlink (actually there're more such modules), but I had a few problems with it:

• it did not allow selection and apply of input filters on the description
• I could not control the number of items included in the "Recent Links" block

Actually you can build the same functionality without the above restrictions using a couple of other modules and keep more options open at the same time.

Here're the modules you'll need for the job:

• Content Construction Kit (CCK)
• Computed Field
• Link
• Views

I'll not go into trivial details, get familiar with CCK and the Views modules on your own. But there's one thing in the userlink module that is not trivial to recreate. The userlink module provides a number of blocks (eg. "Recent Links") in which each item is a link pointing to the website of the URL field of the node and has the node title as the link title. Unfortunately the "Link" CCK field does not provide such a display option. It has various display modes, but none of them include the node title in the rendered link. Here comes the Computed Field module in the game. You've to add a computed field to your bookmarks node type storing the required link (with the node title as the link title). Set this field as hidden for both teaser and full page views of the nodes of this node type and create a view for the recent links including only this computed field. That's all.