If 'Tools | Options | Miscellaneous | Item command-line format' is set to
ur://%DB_URL%?item=%ITEM_PATH%
copying the item URL from UR can be done via Item | Copy Item Command-Line (default shortcut Ctrl+Alt+I, which can be customized at Tools | Customize | Keyboard).
http://www.kinook.com/UltraRecall/Ma...miscdialog.htm
And it looks like it would be fairly simple to support direct copy/paste and drag/drop from UR into MM. We'll try to squeeze this into the 4.0 release.