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In this tutorial on using the Replace Function in Microsoft Excel, the presenter explains how to effectively implement this function. The Replace function is designed to replace a portion of a text string with a different text string. The tutorial begins by applying the Replace function in cell B2 while discussing its parameters. The first parameter required is the "old text," which is the existing text that will be changed. The video emphasizes the importance of practical application to understand how the Replace function operates, guiding viewers through each step and parameter needed for successful implementation.