I can select Insert>Hyperlink, then enter the information in the Text to display and Address fields, then Ok. I then click the hyperlink and nothing happens. When I go back to the Insert>Hyperlink dialog box it shows that it was not created.
The hyperlink is valid and I can paste it into by browser and it works. Internet Explorer is set as my default browser.
I also checked under Excel's Autocorrect options on the Autoformat tab, the checkbox to Replace as you type Internet and network paths with hyperlinks is checked.
What's strange is that sometimes a link is created and sometimes not. The column in question is formatted as text.