vlad-G,

 

I suggest you create a custom button and using the following function:

 

function do_insert()
{
    editor.PasteHTML("put your link HTML code here");
    top.close();
}

 

Or change the existing link dialog.

 

>>I let user select the link he needs how can I get what ever is highlighted in the editor to use this as a link display value
<a href="MYLINK">I need this</a>

 

Creating a link is a complex process, there are many procedures involved. There is no such API available.