Is it possible to create a macro which will open the insert hyperlink box and
then create a new excel document.

Taking this as a starting point could it also do the following:
1) Use an existing Excel template as the basis for the document it opens.
2) Default to a shared folder on our server as the save location.
3) Take a reference from a cell on the original spreadsheet and use this as
both the file name and the hyperlink display name.

Thanks in advacne for any help or suggestions you might be able to give.