Removing the link simply unlinks the text of the link. The text itself is not removed until you delete it. The text of a hyperlink is formatted by default with blue, underlined text. This is not a requirement. You can format the text of your hyperlinks any way you want without having any affect on the link itself.
Hyperlink text is edited just like the text of any other cell.
Just use the arrows keys on your keyboard to move the cursor over the link and then use the standard text formatting options to change it. The specific text displayed in the cell can be modified from the formula bar. They allow you to create flow chart, diagrams and other illustrations in your workbook. The AutoShapes feature is most easily accessed through the drawing toolbar. The drawing toolbar will now appear on your screen.