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The same shortcut is also used in Outlook, Microsoft Word, Google Docs and other apps. "Just select any text, and then press the Ctrl and K keys at the same time. A dialogue box opens where you can type a link," informs the Microsoft Word blog.
I wonder why Google doesn't offer the option to use the top search result for the text you've selected or at least pick one of the top results from the "edit link" box.
{ Thanks, Cougar. }