If you do exaclly that it should work.

another way
for xl 2007
open excel
click the office buttion (the round one up the top left)
click trust center
click trust center settings
click macro settings
set to disable all macros
ok to close the trust settings

change the code

do the top in again and set back to previous settings.

..
the other way is much simpler. though it will only work with opening the application
not a workbook.

try that again opening excel from the windows start menue,