Excel for Mac2008 won't run

I have a MacBook Pro running OSX 10.6.8, connected to a network through Time Machine, and have been using Excel 2008 for Mac for several years. Recently, after saving an Excel file to Time Machine I could not subsequently run Excel. It would start and then shut down saying "Excel encountered a problem and needs to close". When my wife tries to run the same file from Time Machine it says cannot be opened (except read only) because I have it opened (even though my computer is powered down). I have tried repairing permissions, deleting the plist file, and reinstalling Office for Mac, all to no avail. I will note that if I create a new user on my MacBook, then Excel works just fine. So, I think it may have to do with Time Machine, not Excel, but am in over my head. Any suggestions would be greatly appreciated.

For your Powerbook, did you install the VPC update?
http://www.microsoft.com/mac/downloads.aspx?pid=download&location=/mac/download/ misc/vpc702.xml&secid=100&ssid=3&flgnosysreq=True

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