I found a markup processor that allows users to include arbitrary links, as long as they contain a "netloc" (// after the first :). Due to the myriad of exploitable protocol handlers, this is certainly a bad idea. But does it allow XSS on a system without vulnerable protocol handlers?
All browsers I tested (Chrome 22, FF 18, IE 9, Opera 12) do not show anything when pointed to javascript://alert('XSS'), but that could certainly just be because I'm not creative enough. Similarily, javascript://alert('XSS') (which would make the first double slashes a comment, and the alert a new line) doesn't work either.

) and didn't realize that although that does not work, simply urlencoding does. – phihag Feb 5 at 18:37