Did you try the following :
=HYPERLINK("http://example.microsoft.com", "URL")
You will probably have to add an attribute to contain that full sentence
Yehoshua, idea in general is good - there is, however, a small problem.
When you open the created file in Excel, the value shows up as '=HYPERLINK("http://example.microsoft.com"; "URL")'. Only attempting to edit the cell and confirming 'triggers' the function and the address is exposed as a 'URL' link to the page.
In other words, Excel does not treat the contents of the cell as a function only as text when the file is opened. Until the user performs the operation I described above.
Is it possible to do something about this?