BEX Analyser fails with Excel 2007 Professional Plus

Hi experts. BEx Analyser gets nowhere when i start it. It seems Excel is launched but everything remains inactive and grayed and i cant use any tool bar. What surprising me is that The BEx Analyser (SAP BW 3.x) is launched successfully but it comes under the same installation. The configuration is as follows:

SAP GUI 7.10 Patch Level 12

BW 3.5 patch level 4

BI 7.1 patch level 701

Microsoft Excel 2007 Professional Plus Edition and i have .NET Framework 2.0 service pack 2 Installed.

Please assist me with a solution to get this solved.

Also tell me if i should expect different results with Excel 2003. Thank you in advance.