Do you know that Excel 2007 placed functions/tools in a new tab? Pulldown menu has replaced by the Ribbon. In Excel 2003 and before, pulldown menu provide EDIT tab. This tab consists of various commands related to file editing, such as edit link. Choose this command will release the wizard.
The edit link wizard provides command to update value, change source, break link as well as check link. This wizard also equipped with the link list. You really need to know this feature if you have to maintain several excel files in a time.
Excel 2007 put the edit link command in Connection group of Data tab. Just move the Ribbon to Data tab, you’ll find connection group right to get external data group. By the way, shortcut of Excel 2003 still works! The Edit link wizard popups as we press ALT, E + K at the linking workbook.