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Default To what does "Not Responding" on Excel mean?

I am encountering the above on several occasions (daily...lol) when updating
and saving my Excel files. What does it tell me? I have switched the
calculation options to be "manual" as I thought the nested-ifs on the
worksheet where too many to calculate. Does the limit for nested-ifs on
Excel 2007 apply for one formula or to an entire worksheet? The specific
worksheet is only 415 KB while the workbook is 874 KB; the entire folder is
177 MB. The (c) drive is only 73.8 GB used and 215 GB free space.

Please advise if there are other pertinent data required to resolve this
problem?
 
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