Editing
To edit an existing link on a Links Module that has been setup as a vertical or horizontal list click on the pencil located to the left of the link's Title (Figure 3) to return to the Link Settings page. Once you have made your changes click on the Update link located at the bottom of the page.
Figure 3 - Edit a link list.

To edit an existing link on a Links Module that has been setup as a dropdown first select the link you want to edit then click on the pencil located to the left of the dropdown (Figure 4) to return to the Link Settings page. Once you have made your changes click on the Update link located at the bottom of the page.
Figure 4 - Edit a link dropdown

Deleting
To delete a link just return to the link's Link Settings page and click on the Delete link located at the bottom of the page.