Hi ....,
You may find it a lot simpler to just let them be created
and then delete the hyperlinks all at one time from a selection
with a macro.

You can immediately undo the hyperlink with UNDO (Ctrl+z).  If you
have not entered a hyperlink already you can precede the text with a single quote.

Build Table of Contents, similar listings, working with Hyperlinks
http://www.mvps.org/dmcritchie/excel/buildtoc.htm

subtopic:  Removing object hyperlinks from a Cell or cell range (#DelHyperlinks)
 http://www.mvps.org/dmcritchie/excel/buildtoc.htm#DelHyperlinks

   Sub DelHyperLinks()
      Selection.Hyperlinks.Delete
   End Sub

For those with Excel XL (Excel 2002) you can suppress hyperlink generation
under the Auto Correct from the Tools menu.
   Tools (menu), Autocorrect Options, Autoformat as you type (Tab).

If not familiar with installing / using macros see
  http://www.mvps.org/dmcritchie/excel/getstarted.htm

All that being said,  you could have done a search on Google Groups
   http://groups.google.com/advanced_group_search?q=group:*Excel*&num=100
search for all words:   disable automatic hyperlink*

and I am positive  you would have found threads previous to this with answers.
but my  buildtoc.htm#delhyperlinks    will have the information in one place
along with additional information on this and related issues..
---
HTH,
David McRitchie, Microsoft MVP - Excel    [site changed  Nov. 2001]
My Excel Pages:  http://www.mvps.org/dmcritchie/excel/excel.htm
Search Page:        http://www.mvps.org/dmcritchie/excel/search.htm