mjbeam is absolutely right, unless you write your own Microsoft Excel compatible software, the .exe idea is not going to happen.
You DO; however have a few options.
VoG's suggestion would work, but I don't believe the user is able to edit the excel file.
On line alternatives:
1. Google docs spreadsheet - not excel compatible
2. Zoho Sheet - not excel compatible
3. Excel Web App (by Microsoft) - excel compatible
Standalone (download/install) alternatives:
1. OpenOffice - excel compatible
There are other options, but the above are probably your best bet, and they're all FREE.