Could you design a simple form that has a multi-line text box on it, with
OK and Cancel buttons, then simply transfer the text to and from the merged
cell or text box? You shouldn't need full Word functionality (outlining,
tables, fancy formatting, styles, etc.) inside Excel to simply comment some
data analysis.

If you do need all of the functionality of Word, then maybe you need to
consider reversing the overall architecture of your solution. Use Word to
prepare your reports and embed pieces of Excel worksheets and charts to
illustrate the report. (Or even consider using PowerPoint to make it a
slide presentation!)

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Regards,
Bill Renaud