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In this Excel tutorial, the presenter explains how to use the Replace function in Microsoft Excel. The session begins with an introduction to the function's parameters and emphasizes the importance of practical application. The Replace function allows users to substitute part of a text string with another text string. To implement it, the user starts by typing "Equal to Replace" in cell B2, which prompts the function's first parameter for the old text—the text that is to be replaced. The tutorial focuses on clearly illustrating the usage of the Replace function and its components for effective text manipulation within Excel.