No problem, yes, if you are using the standard E9 editor. If you are uploading an HTML email and it isn't automatically asking if you want to generate tracking on a link, you may have to append the &elqTrack=true to the end of the link.
If you want to track someone going to say... http://www.google.com you will type that in and check the "Insert as Redirect Link."
Let me know if that helps.