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To replace text in an Excel cell, use the SUBSTITUTE function. For example, if you have the sentence "this is an amazing story and I love to hear this story," you can replace the word "story" with "tale of wonder." Enter the formula as follows: =SUBSTITUTE(A1, "story", "tale of wonder", 2), where A1 refers to the cell containing the text. The formula's parameters specify the cell to modify, the old text ("story"), the new text ("tale of wonder"), and the instance of the old text to replace (in this case, the second occurrence of "story"). This will result in "this is an amazing story and I love to hear this tale of wonder."