This is apparently possible! 
Have a look here at the Acronym 1.5.0 Tips & Tricks Documentation
[quote author=“Acronym Documentation”]Tips and Tricks
The acronym module can be used in many different ways that extend the use from just working with an acronym and its description.
Kurt Deutscher for example created a dynamic glossary system for a site with really tough vocabulary. The author has about 100 words listed, and now anytime one of them is used on the site, it dynamically becomes a link that calls a small pop-up window with a definition of the word (as within the context of this author’s site). For an example and more information visit: NetRaising Web Development Services. [link no longer works]
Using the ReplaceString function you can turn an acronym into a link. Simply enter as the acronym definition an html formatted link. Whenever the acronym is used in the content it will be replaced by the link.
Using Acronym and ReplaceString at the same time:
It is very easy to use the acronym and replacestring function at the same time. Per acronym group you either have it set to acronym or to replacestring. However, if you wish to use that functionality at the same time you can create two seperate acronym groups. One for the acronyms and one for the string replacements. In your template you simply call the Acronym Module twice:
{exp:acronym acronym_group_name='Standard'}
{exp:acronym acronym_group_name='links'}
...content...
{/exp:acronym}
{/exp:acronym}