Sorry, send the last one too soon.

Hard-coded string:

Workbooks.Open Filename:="C:\foo\bar.xls", Password:="this is hard-coded"

Hard-coded ASCII codes:

p = Array(116,104,105,115,32,105,115,32,104,97,114, _
100,45,99,111,100,101,100)

w = ""
For n = LBound(p) To UBound(p)
w = w & Chr(p(n))
Next n

Workbooks.Open Filename:="C:\foo\bar.xls", Password:=w


Cyphered string:

Const FOOBAR As Byte = 67

p = "7+*0c*0c+""1'n ,'&'"

For n = 1 To Len(p)
Mid(p, n, 1) = Chr(CByte(Asc(Mid(p, n, 1))) Xor FOOBAR)
Next n

Workbooks.Open Filename:="C:\foo\bar.xls", Password:=p