Thanks. That turns the whole cell into a single hyperlink, right? I was
hoping to be able to have multiple hyperlinks in a single cell,
embedded within a paragraph of text.

Actually, what I need is to import existing text with embedded
hyperlinks -- without hand-editing it if possible.

I tried it in Word as well. Strangely, Word recognizes and activates
multiple hyperlinks in a paragraph if you type the text manually, but
if you copy/paste it or import it the hyperlinks are not recognized.