This is usually caused by exceeding the 255 character limit in the path to your
Alternate Startup folder or your default file location in Tools>Options>General
You will probably have to go into Registry and delete the key(s)
First close out Excel then create a new Windows Restore Point.
Then Start regedit>run
HKEY_CURRENT_USER\Software\Microsoft\Office\11.0\Excel\Options
In right side window click on AltStartup and "delete"
Also check out DefaultPath and delete that if looks too long.
Don't worry, Excel will re-build the keys with new path you give in
Tools>Options>General
Close Registry.
Try Tools>Options again.
If all is joy, re-enter Default File location but make sure it is a shorter
path.
Leave the other empty........serves very little purpose.
Gord Dibben MS Excel MVP