To make that link open in a new window. All you should have to do is what jmucchiello said by looking for the COM_createLink in the /public_html/links/index.php file. There are 4 COM_createLink var in the file. Find the first one at about line 359.
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$html = COM_createLink($content, $url, $attr);
Just above that, you will see this.
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$content = stripslashes ($A['title']);
$attr = array(
'title' => stripslashes ($A['url']),
'class' => 'ext-link');
$html = COM_createLink($content, $url, $attr);
$template->set_var ('link_html', $html);
You will need to change line 356 to read like this.
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$attr = array('target' => '_new',
So the entire code area looks like this after you are done.
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$content = stripslashes ($A['title']);
$attr = array('target' => '_new',
'title' => stripslashes ($A['url']),
'class' => 'ext-link');
$html = COM_createLink($content, $url, $attr);
$template->set_var ('link_html', $html);
It was tested and works. If anyone else finds a problem with it, please make the corrections here.
Michael
to the $attr parameter. 
