Chris, we have to put some validity checks in there to make sure that what people enter is a valid web address. To put it gently, that URL is ridiculous!
I wish we could come up with a check that can anticipate a URL like that, but yours is the first that's ever had a problem. If you can't get your web guys to come up with a simpler URL, I'd recommend trying something like
http://www.tiny.cc.