Excel 2003.

I moved a spreadsheet into an archive directory. I then opened a
spreadsheet that was linked to the newly moved xls. I go to Edit Links and
try to Change the Source by navigating to the new location and selecting OK.
The hour glass comes up and (it appears) never goes away. I've tried this
several times with the same apparent hanging result. Is it possible that
Excel needs a few hours to resolve the new link?

Thanks - Russ