Can I get away with combining VBA modules into one module to speed performance of Excel?

I have noticed when opening or closing my Excel file that contains 10 modules that each module is separately loaded/unloaded in the VBA editor window. I also assume that Excel does this when the file is opened/closed without the VBA editor window open. This results in it taking ~5 seconds for the file to open or close.

I was wondering if I copy and paste all the modules into one module if that would make Excel open and close faster. Some of the modules will call upon other procedures/functions contained in a different module.

Running WinXP Excel 2003