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In this tutorial on the Replace function in Microsoft Excel, the presenter introduces the purpose and parameters of the function. They emphasize that the best way to learn is through application. The tutorial begins with an example using cell B2, demonstrating how to enter the Replace function by typing "Equal to R E" to access it. The Replace function allows users to replace part of a text string with a different one. The first parameter required is the old text, which is the existing text that will be modified. The presenter will further elaborate on the implementation of the function in practical scenarios.