I just tried it. It does not seem to work with URL translation. I'm trying to keep people from posting links to illegal music download sites on my Black Sabbath site. I'm not going to use the REAL url's from my test, but..
site1.com|Illegal Music Download Site
site2.com|Illegal Music Download Site
http://concerts.site1.com/ConcertDetail.aspx?id=20049656%7C745
http://www.site2.comBoth of those do NOT get translated. However, if I just put
site1.com and site2.com in there, they get translated.