Replace audio file does nothing

I select a clip in a montage and open the file selector through the ‘Replace audio file command’, select a new clip and nothing happens.
WL 8.0.2 on Windows 7

The function ‘Replace audio file’ is to replace the audio file inside the clip, hence there is no “clip to select”, to take your words.
Please be more accurate, I can’t reproduce any problem.

What I would like to do is, make this clip refer to a different audio file.
I loaded a montage from WL7 and it replaced some clips with the wrong audio file. Same name but in a different folder. I can’t get WL 8 to replace these clips with the correct file, of the same name in another folder.

I also tried referring to another audio file of a different name and still, the clip would not be refreshed with the new file.

There are 2 ways to do this: whether you replace the file in a given clip (the method you mention). Whether you replace the file is all clips that refer to a given file (in this case, this is done from the Montage Files Tool window).
This tool windows allows you to really see the file a clip is refering too. Did you check this?

Also, did you try to close and reopen your montage?