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Default Excel hangs crashes when pasting formulas

I have an opened workbook in Excel 07 with my formulas C thru Z. When I copy
and try to paste to a new workbook, it hangs or crashes and the memory usage
goes to over 1g. If I wait thru the hang, then it hangs when I try to insert
or delete any rows. Went to older machine and Excel 03 today to try and
everything worked just fine.

Event viewer gives following error
ID: 1, Application Name: Microsoft Office Excel, Application Version:
12.0.6524.5003, Microsoft Office Version: 12.0.6425.1000. This session lasted
4959 seconds with 900 seconds of active time. This session ended with a
crash.

One of the shorter formulas that i am using.
=LOOKUP($U2,{1.1,1.3,1.35,1.56,2,2.15,2.23,2.3,2.3 5,2.4,2.55,2.58,2.6,2.64,3,3.15,3.2,3.35,3.5,3.55, 3.6,3.95,4.1,4.15,4.25,4.35,4.92,5.5,6,6.05,6.2,6. 3,12,12.75,13.5,51},{35,18,34,32,1,2,15,3,4,30,16, 31,23,25,19,10,24,5,6,12,29,11,17,20,27,7,26,28,8, 9,14,22,33,21,37,13})

Can someone please help ?
 
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