Take advantage of a shortcut key to redo an action (Microsoft Excel 97/2000/2002/v. X/2003)

Many Excel users are familiar with the shortcut key that allows you to undo an action. By pressing [Ctrl]Z ([command]Z in v. X) it's easy to eliminate the last action you made. However, what if you realize that you should have kept the action, or the undo was accidental in the first place? Fortunately, you can press [Ctrl]Y ([command]Y in v. X) to redo an action in a flash.