Lipstick on a warthog.
That a thing CAN be done doesn’t make it a good idea. VBE is a handy debugging environment, but it’s not a particularly good editor. Myself, if I need to do thorough editing of VBA code, I write it to text files, use a more capable editor, then read it back into the .xls/.xla file. Even for ad hoc tweaks, it seems easier to copy text from VBE (leaving it selected), paste into a more capable editor, make the changes there, copy the result, paste into VBE replacing the selected (and now modified) text. This gets me regular expressions as well as multiline pattern support. And I could automate it using AutoIt if I weren’t so lazy.
Any comment that starts like that deserves my full attention. I’ve never used any editor except the one that ships with Office (the VBE). If using an external editor is better, then I don’t want to be left out in the cold.
If you edit VBA in something other than the built-in editor, leave a comment with which editor you use. If you could also list a few of its good and bad points, that would be peachy.