With Server Installation of "LibreOffice 3.6.1.0+ English UI/ German Locale [Build-ID: cd656ac] on German WIN7 Home Premium (64bit) {tinderbox: Win-x86@9, pull time 2012-08-12 21:30:17}, probably inherited from OOo, we have 2 different Menu Items: Menu 'Insert -> Hyperlink' for creation of new hyperlinks and editing existing (selected) ones Menu 'Edit -> Hyperlink' only for editing existing (selected) hyperlinks. Although there is some logic in it, I think that is excessive. Both menu items open the very same dialog with the same possibilities (at least a quick test did not show any differences). We should decide for 1 menu Item and use it for both. Consequences for context menu shuld be kept in Mind. Do we always need an item 'Edit / Create Hyperlink' or only an "Edit Hyperlink" if a h. is selected? CALC and DRAW do not have an 'Edit Hyperlink' menu item, Please also see Bug 41543 - Mentioned Menu item 'Edit - Hyperlink' does not exist!
Note that, at least in LO 4.3, Draw *does* have an Edit→Hyperlink… menu item.
The insert menu is for adding items, while other menus like edit or format are there to modify. The Edit > Hyperlink entry is only missing in Calc as the .uno:EditHyperlink uno command isnt accessible (bug 87459).