while(<LINKFILE>) {

        chomp;

        ($key,$data) = split("==");
        $links{$key} = $data;
}

##</code><code>##

$content = join("",<FILE>); # this is better replaced with arturos method
                            # of reading in whole file

foreach $k (keys %links) {

        $content =~ s/$k/$links{$k}/gm;
}