Steve,
What aspect would you like to change?
Yes, you can change its appearance by, for example, removing the < and
the > but then it won't function as a hyperlink.
Andrew Watt
MVP - InfoPath
I think the OP wants to have normal HTML hyperlinks, similar to
<a href="c:\work\something.doc">Click Here!</a>
That feature (commonly invoked in other Office Products via Ctrl-K)
doesn't exist in OneNote.
It's a bit of a kludge, but a workaround could be to create the link in
Word (again using Ctrl-K) and then copy and paste it into OneNote. When
you paste HTML into OneNote, it retains the format of the pasted HTML.