Try something like below

oExcel.Range("b2").Hyperlinks.Add(...)

>
>I want put some hyperlinks in a spreadsheet but when I add them they appear as text
>
>How can I add a hyperlink and have it appear as such
>
>Thanks
>
>
>
>SET STEP ON
>oExcel = CreateObject("Excel.Application")
>if vartype(oExcel) != "O"
> * could not instantiate Excel object
> * show an error message here
> return .F.
>ENDIF
>oWorkbook = oExcel.Application.Workbooks.Add()
>
>
>
>oExcel.Range("b2").Value = "http:/bbc.co.uk"
>
>if val(oExcel.Version) > 11
> oWorkbook.SaveAs("C:\temp\foobar.xls", 56) && xlExcel8
>else
> oWorkbook.SaveAs("C:\temp\foobar.xls")
>ENDIF
>
>oExcel.quit()