It's a windows issue:
From another website, you have to run excel in admin mode:
a) In Vista or Windows 7, type "Excel.exe" in the "search programs and files" box in the start menu. An Excel icon will appear in the list, right button on it and select "Run as administrator".
b) Locate where Excel.exe is on your C drive and create an icon for it on the desktop. You may have to search for it on your C drive, the locations are different depending on where Office was installed, or by following step (a) select "Send to", and "Desktop - create shortcut". then you can right button select the icon from your desktop and choose "Run as administrator".
OR
2. Uninstall the Windows update that caused this problem. This isnt recommended, but you can go into Windows Update, click on "View Update History" then "Installed Updates", find the following updates in the list and uninstall them. The two updates I have found so far that each can create this problem are
KB2778930 and
KB2778344
Once you unselect them from the next windows update I believe it wont re-install these.
Microsoft will probably release future updates that cause this problem again, so in the long run we are going to lose this method of fixing it.