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Because there's so much overlap between links and actions, the way you edit them—using the Action Settings dialog box—is similar, too, as you'll see in the following sections.
PowerPoint gives you two different ways to edit a link. One way is using the Edit Hyperlink dialog box, which lets you change what you want to link to (an email address instead of a Web page, for example). The other way is using the Action Settings dialog box, which gives you additional link options, like playing a sound when the link is clicked or moused over.