I would advise you to record a macro.

It seems that even if specific cells are not protected  you may enter text but
not hyperlink.
I believe then that you should try to record a macro, unprotect the sheet,
insert the hyperlink, protect the sheet  back except for the specific cells that
you want to keep unprotected.
I have recorded such a macro and it works.

i tried the following
code , but did not work

With ActiveSheet
.Unprotect Password:="aaa"
With .Range("N8")
.Locked = False
.DrawingObjects:= True, Contents:=True, Scenarios:=True,
AllowInsertingHyperlinks:=True
End With
.Protect Password:="aaa"
End With

Also i tried the following :

Worksheets("Sheet1").Unprotect password:="aaa"
Worksheets.DrawingObjects := True, Contents:=True, Scenarios :=True,
AllowInsertingHyperlinks :=True
Worksheets("Sheet1").Protect password:="aaa"

whatz problem with the code?

It is not that it doesn't work - it doesn't compile. Please always provide in
your message whatever error information the compiler or Excel has given you.

Where did you get this code from? Go back and have another look. Or check the
help on the Protect method. These items you have the := and commas with are
parameters of a protect call, not individual statements.

The := and comma syntax is only legal in the parameter area of a subroutine or
function call.

>the code was in a subroutine, the error was : Run-time error '1004' :
Application-defined or Object-defined error.

> It is not that it doesn't work - it doesn't compile. Please always
provide in your message whatever error information the compiler or
Excel has given you.
>
> Where did you get this code from? Go back and have another look.
Or check the help on the Protect method. These items you have the :=
and commas with are parameters of a protect call, not individual
statements.

This seems to work (at least in Excel 2003)

ActiveSheet.Protect DrawingObjects:=True, _
Contents:=True, Scenarios:=True, _
AllowInsertingHyperlinks:=True