Content Reference (CREF) with link to external site

Navigate to PeopleTools >
Portal > Structure and Content. Chose the folder you would like your
link to be in or you can add a new folder just for this new link if
you'd like.

Now scroll all the way to the bottom and click "Add Content Reference".

Name: Add what ever name you would like here. Users will not see this link.
Label: This will end up being the link the users will click on.
Long Description: Long desc for your link - this will show just below your actual link.
Usage Type: Target
No Template Check Box: Make sure you CHECK this one so the portal template wont wrap around your page.

URL Information

URL Type: Non-PeopleSoft URL
Portal URL: The website you are trying to open (example: http://www.CompShack.com) :)

Now in the Content Reference Attributes of the Content Ref Administration page add the following to get your page to open in a new window:

Name: NAVNEWWIN
Label: You can leave this one blank
Attribute value: true
Translate Check Box: Make sure this is UNCHECKED