For CRON, you enter the path on the server (according to the *nix filesystem), not as a URL.
As fahadsadah said, you usually don't want to expose your CRON job file in your html/web directory (/public_html, /www), since the script most likely does maintainence that could be cumbersome and might be the base of a DOS attack or even a larger security risk.
I just put mine in the /etc directory. That way no one can access/execute it via normal HTTP access. [EDIT: /bin would probably be better. I think /etc is more for configuration...]
The way I have CRON execute the file is to call php and tell it to process that file - keep in mind that it's a command and not a file (unless it's a shell/executable) you're entering.
Ex: php -q /home/username/bin/script.php
Also remember that in this way PHP is not running as a CGI module, meaning you won't have access to the environment variables you're used to, like $_GET, $_POST, etc.
If you want to refine your control, keep in mind that you have access to the arguments passed to the script via $_SERVER['argv'] (which are like $_GET). You can pass commands like this: "php -q /blah/script.php -clear". If you used print_r($_SERVER['argv']), it would return Array([0]=>'/blah/script.php', [1]=>'-clear').
I don't know what the -q flag does, though... Corey had suggested it
here.
Can't find it via `php --help` on my XAMPP installation.
EDIT: Got bored, decided to post a
tutorial on it.