How do I make a link that goes nowhere?

Instead, you could use a <span> and set the cursor style:

<span id="node42" class="node-link">My Text</span>

And specify the cursor in your stylesheet:

.node-link { cursor: pointer; }

This would also allow you to attach to the node for your actions later (show here using Prototype):

<script type="text/javascript">
    $('node42').observe('click', function(event) {
      alert('my click handler');
    });
</script>

Will add to the browser history:

<a href="#"></a>

Won't add to the browser history (preferred method):

<a href="javascript:;"></a>

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