If you want only test in spaced capital letters, obviously
\href{http://it.wikipedia.org/wiki/Pagina_principale}{\spacedallcaps{test}}
is the answer.
But if you want to make a chapter title into a link (classicthesis uses \spacedallcaps in that case, if I remember correctly), then you have to resort to a hack:
\documentclass{scrbook}
\usepackage[pdfspacing]{classicthesis}
\newcommand\mytemp{}
\begin{document}
\frontmatter
\tableofcontents
\mainmatter
\renewcommand\mytemp{http://it.wikipedia.org/wiki/Pagina_principale}
\chapter[test]{\href{\noexpand\mytemp}{test}}
\end{document}
The problem is not to show the link address to \MakeUppercase that would turn it in uppercase too.
However I don't recommend turning a chapter title into a link; better putting the link just at the start of the chapter text.
\textbf{\textnormal{normal} boldface}; please, make the title of this question to reflect the exact topic you're discussing. – egreg Oct 10 '12 at 16:54\unhboxshould avoid this issue, no? – Stephan Lehmke Oct 10 '12 at 20:11\href{http://it.wikipedia.org/wiki/Pagina_principale}{\spacedallcaps{test}}? – cgnieder Oct 13 '12 at 11:31