You could double click in a cell, then paste. Or open a textbox and work in the textbox, which will be a little easier to get around in. Though I can't see why you'd want to use Excel as an HTML editor. Use a real text editor. My favorite is Notepad++. It's free (as in beer and speech). You get with it keyword highlighting, tag matching, auto indenting, collapsible outlines, and quite a lot more.
If you want just want the html you right-click on the web page and select view page source, then select all, copy and paste in excel. When I do that I get the text only. Is that what you are doing?
But I have to agree with xenou using excel as an html editor is probably not the way to go. I use notepad++ too and it makes editing html a lot easier.
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