Since 3.0 UITextView has the ability to display links and opens mobileSafari if the link is clicked. I haven't tried this but it's the only way, other than using a web view, that I know of to do anything like this.
Understand that UIWebView isn't a web browser. It can display web pages but using it as a general web browser probably will run into various problems. It's not very configurable and has very few callbacks. I guess that its main purpose is to display styled text content in controlled html documents.