What do you mean on msn? Do you mean a link that is on a msn website or do you mean email like hotmail or live? The more information you provide will help get you the proper answer.

On MSN Hotmail. Whether I cut and paste the link or use "Send Link" I cannot transmit a clickable link (the link shows up as typed letters).

you must be using firefox as your browser, for some reason hotmail will not fix this flaw, it will automatically create a clickable link if using Ie but not firefox. It is a true pain. But it is doable
copy your link from the url bar of the page you want to link then paste that into your hotmail email, make sure it is still hilighted then click on the little icon in your email right above where you write that looks like a globe with a chain link on it, a box will open it will have http in it you need to delete that http then you need to right click on the box and paste your link into that box. OK.
then the link in the email will become a live clickable link and be blue. You may have to try it a few times to get the hang of it. And to see the globe you have to have your email set on rich text not just plain text.

Before they did all the supposed good changes to hotmail all you had to do was paste the url in the email and it was automatically live and clickable like it is on pretty much every other email client. We have been begging for this to be fixed for years now it does not look like it will ever happen. And it becomes terribly annoying when you are sending something with a long list of links.

here is the hyperlink button you should see in your hotmail
{{!gwi}}

I meant to add if you are using firefox there are a couple of addons that you can try that might help you with that. I have used colt for years but there is also one called make link. You hilight any text on the page you want to link to(can be one single word) but NOT the url in the address, just any text on the page just hilight it then right click and in the list you will now see make link, select html, then go to your email and paste it will paste in the text you chose but it will now be blue and a live clickable link.

Easily make HTML, ForumCode, and other links from the context menu.

for colt
CoLT (short for "Copy Link Text")

colt works great when you want to link to some page or something and want to make it a clickable link in your post here at the forum, you just highlight any text on the page a single word will work then right click on that word and now in the list you will see copy as html select that then come here and paste into the reply box where you normally type and it will show that as a link in your reply box. Much easier than having to remember all those html tags.

but for the hotmail the make link one will do what you are wanting, just a pain to have to go get something to fix it.

I just find it quicker and easier to log into IE and get it done.

I am using Linux therefore no IE and would not go through the hassle of pulling up IE every time I want to email. I would not bother with ie even on my windows units.
I find the make link add on quite easy.

ravencajun - THANK YOU!!! I knew there must be a way to do this!! I send links to my parents and they just don't grasp cutting and pasting. Thank you again!!!!!!!

you are very welcome glad I could help you.
If you are using firefox regularly get that add on make link it really saves you time.