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I think the following in what you are looking for.
In Excel 2000:
1. select the cell in wish you want the hyperlink to appear
2. Go to Insert > Hyperlink
3. In Text to Display type in the text that will show up in the cell (it will be Blue and underlined to denote it is a hyperlink)
4. Use the Browse for / File button to navigate to the document that you want to hyperlink to.
5. Click OK