Thank you for writing.
You can achieve this using RadLabel. You can customize the way the text is displayed in it with its properties or with the HTML-like text formatting the control supports. The label has MouseOver and Click events which should be sufficient for the common case of a link button.
Should you have further questions, feel free to contact us.
the Telerik team
Q1’11 SP1 of RadControls for WinForms is available for download
; also available is the Q2'11 Roadmap
for Telerik Windows Forms controls.