This is a post that contains a tool for analyzing the external links in an Excel Workbook.
The tool is intended to provide information regarding the linked workbooks, the cells from a workbook that contain external links, as well as the target worksheets and cells.
It will generate an XML report like this:
<workbook name="Testing.xls" numberOfLinks="4">
<reference toWb="XXXX.xlsm" fromSheet="Sheet1" toSheet="Sheet2">
<cell from="$G$10" to="S$32"/>
<cell from="$H$10" to="T$32"/>
The input workbook can be both XLS and XLSX/XLSM format (Office Automation is used).
You also have the option to replace the external links in a workbook by specifying a path where the target workbooks are located and then pressing the "Fix" button. This is very useful for changing the location of a workbook with lots of external links. (see http://support.microsoft.com/kb/328440)
To access all functionalities, open the file in Excel 2007 and choose the second tab from the ribbon. There is a single button there.
You can freely modify the VBA code (and I'll be very thankful if you provide feedback and/or bug reports).