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To replace text in an Excel cell, use the SUBSTITUTE function. For example, with the sentence "this is an amazing story and I'd love to hear this story," start by inputting =SUBSTITUTE. Specify the cell containing the text, the old text (in apostrophes), which is "story," and the new text (also in apostrophes) to replace it with, "tale of wonder." You also need to indicate which instance of the old text to replace by providing a number. If you want to replace the second occurrence of "story," you would set that number accordingly. The result will transform the original sentence into "this is an amazing story and I love to hear this tale of wonder."