valid_url needs to support more characters

I am posting this bug for
http://drupal.org/node/173701#comment-602525

I checked Drupal 5.7 common.inc file and see there were no changes made on this function from 5.5 to 5.7. Some.

I discovered this problem with the Ad module while assigning links to ads. Here is the link I used:
http://www.jadousa.com/collectionsMain.asp?collectionID=1341