Thanks for everyones help.. built from your examples this is what I
finally got that works.. recorded here for future reference..

<?xml version="1.0"?>
<xsl:stylesheet xmlns:xsl="http://www.w3.org/1999/XSL/Transform" version="1.0">
<xsl:template match="LINK">
<a>
<xsl:attribute name="href">
<xsl:value-of select="BASE" />?<xsl:text /> <xsl:for-each select="ARG">
<xsl:value-of select="@NAME" />=<xsl:value-of select="@VALUE" />&amp;</xsl:for-$</xsl:attribute>
<xsl:value-of select="TEXT" />
</a>
</xsl:template>


 XSL-List info and archive:  http://www.mulberrytech.com/xsl/xsl-list