A few people have said that this has stopped a similar problem from occurring.
Maybe it'll help you--but you'll have to test it to make sure.
In xl2003 menus:
File|Properties|Summary Tab|Hyperlink Base
change it to C:\
(something that's always available)
In xl2007:
Click on the Office button
Choose Prepare, then properties.
Then use the arrow on the Document Properties dropdown
Choose Advanced Properties
And then change the hyperlink base on the Summary tab.
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I like to use the =hyperlink() worksheet function for this.
I'll put the path in a hidden cell (A1 in my example). (Include the trailing
backslash, too!)
Then put the filenames in A2:Axxx
Then use the =hyperlink() formula in B2:Bxx.
=hyperlink("File:////"&$a$1&a2,"Click me")
and drag down
Then when I need to change the folder, I can change it one location (A1).
I could embed the path directly in the formula:
=hyperlink("File:////c:\my documents\excel\"& a2,"Click me")
and use Edit|Replace, but that seems like more work to me.