[<img src="http://farm5.staticflickr.com/4017/4325974511_4aaeb48f34.jpg" />][1]

  [1]: http://www.flickr.com/photos/jimriogrande/4325974511/

Gets converted to this upon save:

[![][2]][2]

 []: http://www.flickr.com/photos/jimriogrande/4325974511/