I think a better case of ambiguity is:

{{{
How about //a link, like http://example.org, in italic text? //
}}}

--

I think it gets more complex when the protocol isn't recognised by the wiki parser. 
If a wiki that limits the procotols for raw links, to say just (http, ftp). What should a parser do with {{{ https://www.example.org }}} ? 

I think it should render it as seen ({{{ http://www.example.org }}}) and not treat the // as italics.

-- JaredWilliams, 2007-02-23