1. Encryption- Excel 2003 provides many encryption options, and the default
97 compatible option which is of no use. Are any of the choices better than
the others? Why? References?
2. Passwords- Excel 2003 seems to support Strong passwords. There were many
ways around password protection that I found, but I wasn't sure if they work
for 2003.

Bottom line, if I use a robust encryption (providing any of the listed
options are robust) and I use a strong password (8 characters minimum, mix of
upper/lower case, and *&^, and numbers) is my file still just 20 minutes or
less away from unauthorized access?