if you have Access (Office Professional) installed, then you can link
to these two columns as if they were different tables and then create a
cartesian product. No idea whatsoever how to do it in Excel.

Since I'm assuming you probably don't use Access, here are the steps:
1. open a new database
2. Under the File menu, choose Get External Data, Link, and then choose
your Excel SS. Link to the range you want.
3. do the same for the second range.
4. in your query, add both linked tables (the spreadsheets)
5. drop the two fields you want into the output.
6. If there is a join line (black line) connecting the two tables,
delete it.
7. run the query by clicking the exclamation button.

then if you want you can copy/paste that to Excel or output it pretty
much any way you want.