What versions of Office are you using? I was able to use run "excel.exe" on my NT machine at work and Win98 machine at home (both running Office 2000). On my Win98 machine, the path that excel.exe was found in was not listed in the PATH environment variable.
Is the XLS file always in the same location? If so, you could use run "xyz.xls" instead, and that will launch the spreadsheet in Excel.
I'll keep playing with this and see if I can think of a better way to do this. If nothing else, you could use the dos command to redirect dir /s excel.exe to a text file, then parse that file for the location of the file. I'm betting there's an easier way to get this information (too bad ASPECT doesn't have any hooks to read information from the registry).