I don't think this will report clicks on URLs to external sites.
As well as Steve's reference to analogx.com or other server-side solutions,
you can also solve this without a server-side solution.
Do this by creating a separate page for each link to an external site, and
link to those pages instead of the external site. On each of these pages,
use either a script to redirect to the actual external site, or use a meta
tag REFRESH to redirect. (Note -- you could use a common redirect page with
a URL parameter to indicate the external site url, but your site metric
tools may strip off URL parameters, making it impossible to tell which
external site is being loaded).
Something like this (assuming your site is contoso.com)
www.contoso.com/Page1.htm would have a link to the external site (e.g.
www.microsoft.com) by using this link instead: <a
href="/extlinks/microsoft.htm">Microsoft</a>
And the page
www.contoso.com/extlinks/microsoft.htm would have this:
<html><head>...etc.
<script language="javascript">
window.location.replace('
http://www.microsoft.com');
</script>
Then, your site metrics should show how many hits you get on the page
www.contoso.com/extlinks/microsoft.htm.
which should be the number of times a user clicked on the link the Microsoft
web site.
HTH
->Alan