Index: wp-includes/formatting.php
===================================================================
--- wp-includes/formatting.php	(revision 25008)
+++ wp-includes/formatting.php	(working copy)
@@ -1600,8 +1600,21 @@
 function make_clickable( $text ) {
 	$r = '';
 	$textarr = preg_split( '/(<[^<>]+>)/', $text, -1, PREG_SPLIT_DELIM_CAPTURE ); // split out HTML tags
+	$nested_level_count = 0; // Keep track of how many levels link is nested
 	foreach ( $textarr as $piece ) {
-		if ( empty( $piece ) || ( $piece[0] == '<' && ! preg_match('|^<\s*[\w]{1,20}+://|', $piece) ) ) {
+
+		switch ( $piece ) {
+			case '<code>' :
+			case '<pre>'  :
+				$nested_level_count = $nested_level_count + 1;
+				break;
+			case '</code>' :
+			case '</pre>'  :
+				$nested_level_count = 0 < $nested_level_count ? $nested_level_count - 1 : $nested_level_count;
+				break;
+		}
+
+		if ( ( 0 !== $nested_level_count ) || empty( $piece ) || ( $piece[0] == '<' && ! preg_match('|^<\s*[\w]{1,20}+://|', $piece) ) ) {
 			$r .= $piece;
 			continue;
 		}