The following procedure causes Excel to hang. We have tested on XP and
Windows 7 (x32 and x64) machines. It does it with SP1 or SP2:

1. Open Excel and select Format\Protect Sheet
2. Select Locked Cells, Select Unlocked Cells, Insert Hyperlinks
3 While protected, right click on the icon in the upper left corner next to
the A and above the 1 (the select all button... but you have to right click
on it). This will cause Excel to hang.

Any suggestions... seems like a bug.