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In this Excel tutorial, the presenter explains how to use the Replace function in Microsoft Excel. The video covers the parameters of the function and guides viewers on its implementation. To apply the Replace function, the presenter demonstrates using it in cell B2. The Replace function is designed to replace part of a text string with a different text string. The tutorial emphasizes learning by application and begins by inputting the function, highlighting its first parameter, the "old text," which is the existing text that will be altered. The video aims to provide a thorough understanding of how to effectively use the Replace function.