In the WA_Globals file, what died you set the $WAGLOBAL_Root_URL variable to?
judging buy the link, it looks like it was set to:
$WAGLOBAL_Root_URL = "localhost" ;
try changing it to:
$WAGLOBAL_Root_URL = "http://localhost/" ;
The email is configured as a plain text email to avoid being caught as spam, so in some email clients, it still may not appear as a link, it may need to be copied and pasted in the address bar of the browser.