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Default Workbook fails to open - Excel 2003

When I try to open a workbook, Excel launches but no workbook opens, not only
the one I am trying to open but nothing. When I try to open a workbook that
is attached to an email, I get the same thing and there is an error box
saying that the file can't be found. I can launch Excel then open the
workbook from within and it works.
I have repaired, reinstalled and updated to service pack 2.