It's standard behaviour for just about any forum software.

If you go ahead with that, you can use CSS to truncate the display of the link to any width you like. So if the HTML is something like

<a class="linky" href="//whatever">//whatever</a>

you can have the CSS something like:

.linky {
display: inline-block;
white-space: nowrap;
overflow: hidden;
text-overflow: ellipsis;
max-width: 90%;
}

That will keep all links to one line, and should be bulletproof with any modern OS/browser combination.

You can also use PHP to truncate the visible portion of links, if you prefer that method. Offhand I'm not sure which is better for performance.