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In this tutorial video on using the Replace function in Microsoft Excel, the presenter introduces the function and its parameters. The Replace function allows users to substitute part of a text string with a different text string. The tutorial demonstrates applying the function in Excel's cell B2. The first parameter required is the old text, which is the existing text that will be modified. The instructor emphasizes the importance of learning by applying the function practically and promises to explain its implementation thoroughly as the tutorial progresses.