If you haven't installed QT 7.2 and run the beta Java6 DON'T
Posted by Ian Holsman
as it seems to screw up MS word and all the other ancient apps
more details here
Update: after following Bruce’s lead I commented out the java 1.3.1 things in /var/db/dyld/update-prebinding-paths.txt and re-ran update_prebinding.
I now have excel working!