Create a template in Excel 2007

Open the workbook that you want to use as a template. The template file is located in the Templates folder. Perform the following steps to create a template:
1. Click the Microsoft Office Button and click Save As.
2. In the Save As dialog box, do these:
a. Type a name in the File name: dropdown box.
b. Click the Save As type: dropdown box and click Excel Template.
3. Click Save.

If the workbook contains macros then choose the Excel Macro-Enabled Workbook option in the Save As type: dropdown box.

To know:
Location of the Templates folder:
Windows XP - C:\Documents and Settings\\Application Data\Microsoft\Templates
Windows Vista and Windows 7 - C:\Users\\AppData\Roaming\Microsoft\Templates

Alternate way to create a template:
Copy the workbook and place it in the Templates folder.

Create a new workbook based on an existing workbook in Excel 2007

To create a new workbook based on an existing workbook, perform the following:
1. Click the Microsoft Office button and click New.
2. In the New Workbook dialog box, under Templates, click New from existing...
3. In the New from Existing Workbook dialog box, browse to the location that contains the workbook that you need to have as the base for the new workbook.
4. Click the workbook (you will notice that the name changes from Open to Create New). Click Create New.

Open a blank workbook in Excel 2007

To open a blank workbook, perform the following steps:
1. Click the Microsoft Office button and click New.
2. In the New Workbook dialog box, under Blank and recent, click Blank Workbook.
3. Click Create.

Keyboard shortcut to open a blank new workbook:

Open Microsoft Excel and press CTRL + N