I received a excel (2003) file with hyperlinks and tried to open it in 2007.
The moment i try to open the file i receive an error "Microsoft Office Excel
has encountered a problem and needs to close" I then have the option to send
an error report or not and I can choose to "Recover my work and restart
Microsoft Office Excel" .

If I select the recover option the file will close and re-open again with
the same message. After sending the report again the excel file will open but
all the formats and calculations will be removed.

The file is a file with quite a few worksheets and was created combining
different reports into one file. The individual report (master) can be opened
without a problem.