Changing Links in Excel

Is there an easy way to change links in Excel?
I have an old file and a new file. I cut something from the old file to the new file where the old file's tabs are referenced in the cut to the new file. Is there a way to change the links so that the new file references the new file's tabs? Both files contain the identically named tabs that I need.

I've attached an example.
test1 is the old file and test2 is the new.

how about Replace (Ctrl + H)
in my test using your sheets i replaced

'C:\Documents and Settings\DK\Local Settings\Temporary Internet Files\Content.IE5\YQ8J4Y8E\[test1.xlsx]Sheet1'
with

Sheet1

I appreciate the forumla link will look different in your workbook.