Sub Macro1()
' Right-click a cell
    Range("C10").Select
' From the context menu, click "Hyperlink...", and in there fill in the dialog
    ActiveSheet.Hyperlinks.Add Anchor:=Selection, Address:= _
        "http://blah.example.com", TextToDisplay:="foo"
    Range("C10").Select
' Right-click cell again, do "Edit Hyperlink..." and s/foo/bar/
    Selection.Hyperlinks(1).TextToDisplay = "bar"
End Sub

##</code><code>##

use strict;
use warnings;
use Win32::OLE qw(in with);
use Win32::OLE::Const 'Microsoft Excel';
use Win32::OLE::Variant;
use Win32::OLE::NLS qw(:LOCALE :DATE);
$Win32::OLE::Warn = 3; # Die on Errors.
my $Excel = Win32::OLE->GetActiveObject('Excel.Application')
        || Win32::OLE->new('Excel.Application', 'Quit');
my $Book = $Excel->Workbooks->Open('C:\Documents and Settings\David\hyperlinks.xls'); 
my $Sheet = $Book->Worksheets("Sheet1");
$Sheet->Activate();    
foreach ( 1.. $Sheet->Hyperlinks->Count() ){
  print "\n";
  warn $Sheet->Hyperlinks($_)->TextToDisplay;
  warn $Sheet->Hyperlinks($_)->Address;
#  warn $Sheet->Hyperlinks($_)->Anchor;  # This errors with "Member not found"
}
$Book = $Excel->Workbooks->Close();