Sound to me like a corrupting workbook maybe? That would be difficult to diagnose but may help if you save it out to html and then back to xls.
If this happens with different workbooks then I would suspect a faulting installation. This can normally be fixed by using detect and repair under the help menu (you will need the installation discs)
If this doen't work then maybe try renaming your .xlb file (it may be hidden so search for that too). It is the toolbar customisation file. Excel searches for it on startup and if there isn't one creates a new one. So just rename it excel.old and see if that cures the issue. (any toolbar customisations will be gone with it)
Regards
Nick Hodge
Microsoft MVP, Excel
Southampton, UK