What version of excel are you using?
If the sender used xl97 (or greater) and you're using xl95, then ask the sender
to save it in xl95 format.
If you're both using xl95 or both using xl97+, then...
You may want to try a different version of excel to see if it can open it.
(xl2002+ may work)
And OpenOffice has a better reputation for opening files that earlier versions
of excel couldn't.
(
http://www.openoffice.org, a 60-65 meg download or a CD)
If the file is really important, there are commercial recovery services. I've
never used it, but you might want to check into:
http://www.officerecovery.com