Thanks nowizzard, I found something similar at the following URL:
Slow Opening of Excel Files through a Network - MS Office Support
They recommended uninstalling the updates KB2502786 and KB2541025. I went to Add or Remove programs selecting to show updates and found that KB2541025 for Excel had been installed on 07/05/11, the same day I started experiencing the problem. Apparently, this update has to be uninstalled before the other one will show in the Add or Remove Programs to also be removed.
Unfortunately, I'm at the mercy of our IT department on this. I cannot uninstall the updates so I'm waiting to hear back from them if they will uninstall or get me a copy of office 2007. I'm hoping for the first option as 2007 is ugly.