Creating pages that actually are links?

In an older version of WP I remember that it was possible to create a page and then be able to make point to an arbitrary URI (possibly only on the same server, so it was a sub-folder). Thus, a page called ‘Home’ could point to the URI ‘/’ or ‘<empty>’ and then send the user to the front page. Or it could point to an arbitrary folder in the website structure, outside of WP jurisdiction.

What has happened to this in 1.5+ ? Is it still possible somehow?

Thanks,
G.