use onmouseup
try something like this
<html>
<head>
<script type="text/javascript">
function hide(){
document.getElementById('span_hide').style.display="none";
}
</script>
</head>
<body>
<a href="page" style="text-decoration:none;display:block;">
<span onmouseup="hide()" id="span_hide">Hide me</span>
</a>
</body>
</html>
EDIT:
<html>
<head>
<script type="text/javascript">
$(document).ready(function(){
$("a").click(function () {
$(this).fadeTo("fast", .5).removeAttr("href");
});
});
function hide(){
document.getElementById('span_hide').style.display="none";
}
</script>
</head>
<body>
<a href="page.html" style="text-decoration:none;display:block;" onclick="return false" >
<span onmouseup="hide()" id="span_hide">Hide me</span>
</a>
</body>
</html>