I have the same problem. When I open an Excel file from
explorer, I get the menu bar and nothing else. You can
see the desktop where the spreadsheet is supposed to be.
If I open from within Excel, it works fine. And, if I
leave Excel open in the background, I can open
spreadsheets from explorer. I tried what you suggest over
a year ago and still have the same problem. I have the
latest patches installed, still bad. It started when I
got 14 new computers with Windows XP and Office XP
installed. I've found that by restarting the computer,
the problem goes away for a little while but always comes
back. I increased the memory and it makes the problem go
away for a longer period of time, about a week, but it
always comes back.