Improved version (thanks to Romperstomper) which takes into account that you might have error values in some of your cell selections
Sub Replacing()

Dim Cell As Range
Dim SelectRng As Range

Set SelectRng = Selection
For Each Cell In SelectRng
  If Not IsError(Cell.Value) Then
    If Cell.Value > 110 Then Cell.Value = 110
  Next Cell
End Sub