Hi Ale:

It will depend on the form of the hyperlink.  For example, if the hyperlinks
look like:

=HYPERLINK("file:///C:\Documents and
Settings\User\Desktop\Book2.xls#Sheet2!B9")

Then a macro like:

Sub path_killer()
For Each r In Selection
   v = r.Formula
   s = Split(v, "\")
   u = UBound(s)
   r.Formula = Left(s(0), (Len(s(0)) - 2)) & s(u)
Next
End Sub

will change to the hyperlink to:

=HYPERLINK("file:///Book2.xls#Sheet2!B9")

As you see, the path has been removed.

Try this in a VBA module:

Sub RemoveAddr()
Dim x As Integer, r As Range
On Error Resume Next
For Each r In Selection
   x = InStrRev(r.Hyperlinks(1).Address, "\")
   If x > 0 Then
       r.Hyperlinks(1).Address = Right(r.Hyperlinks(1).Address, _
           Len(r.Hyperlinks(1).Address) - x)
   End If
Next r
End Sub

Hope this helps,

Hutch