Module : Links
With the very handy Links Module, you can easily set up links to other websites. The module is effective per category so the links can be tailored to suit any content on your site.
You simply set a title for the link, add a description with an optional thumbnail, insert the http address, set a security if applicable and press save!
The outbound links you create are redirected via a script to the http address you gave, so this can avoid any loss of Page Rank.
An additional feature is a paid for inclusion where users can pay for the service, simply filling a version of the same form that you yourself use to create a link - this is great for monetizing your site!