Sub MakeMyLink()
  Dim aRng As Range, sFound() As String, sLink As String, sText As String
  Set aRng = ActiveDocument.Range
  With aRng.Find
    .Text = "\<\<(*)\>\>\<\<(*)\>\>"
    .MatchWildcards = True
    .Replacement.Text = "\1|\2"
    Do While .Execute
      sFound = Split(aRng.Text, ">><<")
      sLink = Replace(sFound(0), "<<", "")
      sText = Replace(sFound(1), ">>", "")
      ActiveDocument.Hyperlinks.Add Anchor:=aRng, Address:=sLink, TextToDisplay:=sText
      aRng.Collapse Direction:=wdCollapseEnd
    Loop
  End With
End Sub