The following MSKB article has some information on this problem:

XL97: Error Messages Appear Clicking Options on Tools Menu
http://support.microsoft.com/default.aspx?id=168201

tonyf wrote:
In Excel 97 when I click on Tools, Options I always get a message "Excel has
encountered a problem and needs to close". Any thoughts would be appreciated.


--
Debra Dalgleish
Excel FAQ, Tips & Book List
http://www.contextures.com/tiptech.html