I don't know if this is the shortest way to do it or not, but:

1) Highlight the text that you want a hyperlink to key on
2) On the INSERT ribbon in the LINKS section, click on "Bookmark"
3) Give the highlighted text a Bookmark Name and click "Add"
4) Highlight the text that you want the hyperlink to GO TO
5) Click on "Hyperlink" (on the INSERT ribbon in the LINKS section) to get the Insert Hyperlink Menu
6) Under the "Link to" portion of the menu (left-hand side), click on "Place in This Document"
7) Under "Select a place in this document", click on the bookmark you created in step 3 above; click OK

Your link should appear (in blue text) as defined in step 4. Test it out to make sure it works.

Hope this helps.