No, not natively. While I am sure one can cobble up a solution using VBA code, the important question is "Why?" Is there a reason whoever asked you is trying to save using another cell? It's hard to believe they are running short of cells given that a *single* worksheet can contain 65,536*256 of them.
I was asked if you could display 2 hyperlinks in 1 cell. My gut feeling tells me no but I figured I would ask the experts.