Hi Tom,
You saved me, Thank you sooo much :-) I had spent 3-4 hours on excel which was opened from outlook and saved, I was struggling to locate this file in every possible folder, searched google and read many user advice in different help forums, none worked, but finally landed here and your advice worked.
I opened C:\Users\%username%\Local Settings\Temporary Internet Files\Content.Outlook and it was there !!!
Thanks again !!
Regards,
Satish