Hyperlinks in Excel work in a way you're likely to find quite annoying. Unlike other applications such as Word, you can't simply highlight text and turn it into a link -- instead, you can turn only the entire cell into a single link. If you need to, however, you can get around this limitation by turning multiple cleverly-positioned objects into links instead.

Creating the Links

Select the "Insert" tab, click "Shapes" and then select the basic rectangle shape. Click and drag on your spreadsheet to draw a rectangle that covers precisely the text you want to turn into an email link. Click "Shape Fill," select "No Fill," and then click "Shape Outline" and select "No Outline." Select the "Insert" tab again, click "Hyperlink," select "Email Address," fill in the form and then click "OK" to create the first link. Repeat this process for all other links you want to create.

Moving the Links Elsewhere

To move links created in this manner, you need to move both the cell and the objects separately. Left-clicking an object will activate the link, so you can't simply click and drag each object to its new location. Rather, you need to first right-click each object to select it. Only then will you be able to drag it without triggering the link.