For example, the latest build of excel 2008 is 12.1.0
So that's likely office v.x
i dont know the problem yet, but the magic hint is that it works fine when started with a document, btu not without. So what does it do differently?
1. it loads its default prefs, rather than the doc's settings
2. it goes and looks for recent docs and loads them in the menu
3. only after it is booted up does might it display an "open" dialog box ( so that;s not it)
I'd trash my prefs and restart. actually, i would nto trash the word plist file, but rather i would move it to some folder on my desktop so I can put it right back if that;'s nto it).
Your preferences are in "blah.plist" files in user/library/preferences
Hope this helps,
Grant