Creating bookmark (link repository) in Drupal 7

You can create similarly create what is provided in userlink module by building the same functionality without some of the display restrictionsHere're the modules you'll need for the job:

There's one thing in the userlink module that is not trivial to recreate. The userlink module provides a number of blocks (eg. "Recent Links") in which each item is a link pointing to the website of the URL field of the node and has the node title as the link title. Unfortunately the "Link" field does not provide such a display option. It has various display modes, but none of them include the node title in the rendered link. Here comes the Computed Field module in the game. You've to add a computed field to your bookmarks node type storing the required link (with the node title as the link title). Set this field as hidden for both teaser and full page views of the nodes of this node type and create a view for the recent links including only this computed field. That's all.