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Default Replacing Values

I have a "database" in Excel I created that organizes people by location.
Those locations could change at any time. I got the master location list
included for data validation on my data table (List drop-down) that updates
itself when a location changes. What I would like to happen is when a
location changes values, have the old value be replaced by the new one in the
data tab automatically. Can it be done and if so how? Ideally, I would like
this to be done behind the scenes as you type.
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I am running on Excel 2003, unless otherwise stated.
 
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