|This changed a bit with Excel 2007|
Create and ODBC datasource that points to the database you
want to use.
Click on your spreadsheet where you want your dynamic data to start and click
Data => From Other sources => From MS Query
Choose your datasource in the next screen.
Choose whether or not you want MS Query to help you.
After you select your data and click OK, the spreadsheet will be propagated with the results of the query. You will be given an option to refresh this whenever you open the spreadsheet.