Unfortunately, an .xps file cannot be directly imported into Excel 2007 as a spreadsheet. XPS (XML Paper Specification) is a fixed document format similar to PDF, and it is not designed to be editable like a spreadsheet.

However, if the .xps file contains tabular data that you want to work with in Excel, you can try converting it to a format that Excel can read, such as CSV (Comma Separated Values) or TXT (Text) file. Here are the steps to do that:

1. Open the .xps file in the XPS Viewer application that comes with Windows.
2. Click on the "File" menu and choose "Export".
3. In the "Save As" dialog box, choose a location to save the exported file and select "Text (*.txt)" or "CSV (Comma delimited) (*.csv)" as the file type.
4. Click "Save" and follow the prompts to complete the export process.
5. Open Excel 2007 and click on the "Data" tab.
6. Click on "From Text" in the "Get External Data" group.
7. In the "Import Text File" dialog box, locate and select the exported file and click "Import".
8. In the "Text Import Wizard", choose the appropriate file type (Delimited or Fixed Width) and follow the prompts to specify the delimiter or column widths.
9. Click "Finish" to import the data into Excel.

Once the data is in Excel, you can manipulate it as you would any other spreadsheet data. Keep in mind that the formatting may not be preserved during the conversion process, so you may need to adjust the column widths and other formatting manually.