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In this Excel tutorial, the focus is on how to use the Replace function. The presenter explains the parameters involved and demonstrates its application starting in cell B2. The Replace function is designed to replace part of a text string with a different one. To use it, you begin by typing "Equal to R E" to access the function. The first parameter required is the old text, which refers to the existing text that you wish to modify. The tutorial emphasizes hands-on learning as a practical way to comprehend the function's usage effectively.