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In this tutorial on using the Replace function in Microsoft Excel, the presenter explains the function's parameters and implementation. The Replace function allows users to replace part of a text string with another string. The tutorial begins by entering the function in cell B2 and detailing how to apply it effectively. The first parameter required is the old text, which is the existing text that will be altered. The video continues to demonstrate how to use the function step-by-step, focusing on understanding its components and practical applications to help viewers learn through practice.