Can I use an excel formula to extract the link location of a hyperlink in a cell?

You can use a macro:

• Open up a new workbook.
• Get into VBA (Press Alt+F11)
• Insert a new module (Insert > Module)
• Copy and Paste the Excel user defined function below
• Get out of VBA (Press Alt+Q)

• Use this syntax for this custom Excel function: =GetURL(cell,[default_value])

   Function GetURL(cell As range, Optional default_value As Variant)
   'Lists the Hyperlink Address for a Given Cell
   'If cell does not contain a hyperlink, return default_value
        If (cell.range("A1").Hyperlinks.Count <> 1) Then
            GetURL = default_value
        Else
            GetURL = cell.range("A1").Hyperlinks(1).Address
        End If
  End Function
  

I only needed to extract the address from a single cell's value so I found this small function handy:

Instead of a "brute force" macro, you could also create a user-defined function that would extract and return the URL for any hyperlink at which it was pointed:

Function GetURL(rng As Range) As String
     On Error Resume Next
     GetURL = rng.Hyperlinks(1).Address 
End Function

In this case you can place it where you want. If you want, for example, the URL from a hyperlink in A1 to be listed in cell C25, then in cell C25 you would enter the following formula:

=GetURL(A1)

http://excel.tips.net/T003281_Extracting_URLs_from_Hyperlinks.html

function EXTRACT_URL(input) {

  var range = SpreadsheetApp.getActiveSheet().getRange(input);
  var re = /^.+?\(\"(.+?)\",.+?$/;
  if (input.indexOf(':') != -1) {
    var formulas = range.getFormulas();
    for (var i in formulas) {
      for (var j in formulas[i]) {
        formulas[i][j] = formulas[i][j].replace(re, "$1");
      }
    }
    return formulas;
  } else {
    return range.getFormula().replace(re, "$1");
  }

}