lol your trying to copy KWWH's custom script and add it to AdminHQ and your even asking here on the original site how to do it.

EDIT: ontopic. Litewarez is right. The content of {content} has the list of links not just one link.

What you want to do is either break up {content} so it becomes {content1} {content2} {content3} etc.
so it's like this:
Code: 
<a href="http://www.{content1}">{content1}</a><br />
<a href="http://www.{content2}">{content2}</a><br />
<a href="http://www.{content3}">{content3}</a><br />
ect.
or else have all the html in {content} something like this:
Code: 
<span class="ft">{title}:</span><br /><span class="fc">{content}</span>
where the contents of {content} are
Code: 
<a href="http://www.link1.com">link1.com</a><br />
<a href="http://www.link2.com">link2.com</a><br />
<a href="http://www.link3.com">link3.com</a><br />
ect.
You know what would be cool. You could have it so the links are like:
Code: 
<a href="http://www.link3.com"><img scr="http://www.link3.com/favicon.ico" title="link3.com"></a>
and it will display their favicon. Looks really cool. It's what I was going to do for AS but left it.