Well, that would be libs/ubbthreads.inc.php:
Code
                // Link regexes here
                $body = preg_replace( "#\[url\](https|http|ftp)://([^\"\[\]<>]+?)\[/url]#i", '<a href="\1://\2" target="_blank">\1://\2</a>',$body );
                $body = preg_replace( "#\[url\]([^\"\[\]<>]+?)\[/url\]#i", '<a href="http://\1" target="_blank">\1</a>',$body );
                $body = preg_replace( "#\[url=(https|http|ftp)://([^\"\[\]<> ]+?)\](.+?)\[/url]#i", '<a href="\1://\2" target="_blank">\3</a>',$body);
                $body = preg_replace("#(<br />|^|\s)(http|https|ftp)://([^<\"\[\s]+)(\.|\,|\?|\)|\s)?#i", '\1<a href="\2://\3" target="_blank">\2://\3</a>\4',$body);
                $body  = preg_replace( "#(<br />|^|\s)(www\.[^<\"\[\s]+)(\.|\,|\?|\)|\s)?#i", '\1<a href="http://\2" target="_blank">http://\2</a>\3',$body );

Thats lines 1169-1174; if you comment them all out, then you'll never have a link converted period.

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