The live edit has restrictions as indicated in the information below. You could take the whole file down and replace it with an improved version as a copy as well. Here you take the production file down copy its data to the replacement application and replace the original production copy with the new and improved version. when done this way users can be made inconvenient for the shortest time. The live changes [edit] below will not incovenience the user at all, but you can only change so much that way and are limited.
Edit a shared workbook
Go to the network location where the shared workbook is stored, and open the workbook.
Set the user name to identify your work in the shared workbook: on the Tools menu, click Options, click the General tab, and then type your user name in the User name box.
Enter and edit data as usual. You won't be able to add or change the following: merged cells, conditional formats, data validation, charts, pictures, objects including drawing objects, hyperlinks, scenarios, outlines, subtotals, data tables, PivotTable reports, workbook and worksheet protection, and macros.
Make any filter and print settings you want for your personal use. Each user's settings are saved individually by default.
If you want the filter or print settings made by the original author to be in effect whenever you open the workbook, click Share Workbook on the Tools menu, click the Advanced tab, and under Include in personal view, clear the Print settings or Filter settings check box.
To save your changes to the workbook and see the changes other users have saved since your last save, click Save .
If the Resolve Conflicts dialog box appears, resolve the conflicts.
When two users try to save changes that affect the same cell, Microsoft Excel displays the Resolve Conflicts dialog box for one of the users.
In the Resolve Conflicts dialog box, read the information about each change and the conflicting changes made by others.
To keep your change or the other person's change and go on to the next conflicting change, click Accept Mine or Accept Other.
To keep all of your remaining changes or all of the other users' changes, click Accept All Mine or Accept All Others.
To have your changes to override all other changes, and never see the Resolve Conflicts dialog box again, turn this feature off.
How?
On the Tools menu, click Share Workbook, and then click the Advanced tab.
Click The changes being saved win.
Click Save.
To see how you or others resolved past conflicts, view this information on the History worksheet.
How?
On the Tools menu, point to Track Changes, and then click Highlight Changes.
In the When box, click All.
Clear the Who and Where check boxes.
Select the List changes on a new sheet check box, and then click OK.
On the History worksheet, scroll to the right to view the Action Type and Losing Action columns.
Conflicting changes that were kept have "Won" for Action Type. The row numbers in the Losing Action column identify the rows with information about the conflicting changes that weren't kept, including any deleted data
To save a copy of the workbook with all your changes, click Cancel in the Resolve Conflicts dialog box, click Save As on the File menu, and then type a new name for the file.
To see who else has the workbook open, click Share Workbook on the Tools menu, and then click the Editing tab.
If you want to get automatic updates of the other users' changes periodically, with or without saving, click Share Workbook on the Tools menu, click the Advanced tab, and under Update changes, click the options you want.
