You can edit a hyperlink after you have created it. One way to do so is to select the link and then use the Ctrl + K shortcut to open the Insert Hyperlink dialog box. From there, you can change the text and address of the hyperlink, or the text, e-mail address and subject of mailto links. (Right-clicking the link and clicking Edit Hyperlink will bring up the same dialog box.)

You can also copy the hyperlink or remove its link (the text will remain, though) by right-clicking the link and using the appropriate options.