Try this one:
1. To begin, we go to the registry. Click START, and in the RUN command line type REGEDIT and hit ENTER or click OK. This will start the registry editor.
2. Navigate to the following key: HKEY_CLASSES_ROOT\Excel.Sheet.8\Shell\Open\Command
3. Double click on the (Default) instance over to the right. Right now this probably says something like:
If you have Office 2007 installed:
C:\Program Files\Microsoft Office\Office12\EXCEL.EXE /dde
Or, if you have Office 2010 installed
C:\Program Files\Microsoft Office\Office14\EXCEL.EXE /dde
Change this value to:
C:\Program Files\Microsoft Office\Office12\EXCEL.EXE /e "%1"
for Office 2007 and for Office 2010 change it to:
C:\Program Files\Microsoft Office\Office14\EXCEL.EXE /e "%1"
4. Navigate to the following key: HKEY_CLASSES_ROOT\Excel.Sheet.12\Shell\Open\Command
Again, double click the (Default) entry to the right and change
C:\Program Files\Microsoft Office\Office12\EXCEL.EXE /dde
to
C:\Program Files\Microsoft Office\Office12\EXCEL.EXE /e "%1"
When you exit the registry this should be all you need to do. Each time you double click on your Excel shortcut or type excel.exe in the command line a new instance of Excel is launched with the default spreadsheet.
Quote from:
http://blogs.technet.com/b/the_microsoft_excel_support_team_blog/archive/2011/09/06/opening-excel-in-multiple-instances.aspx