I've run into this multiple times. When copying and pasting a wide variety of external data into Excel, it creates custom styling in the workbook and over time it accumulates and you no longer are able to create any more formatting changes. I found this great VB script on Microsoft's website that when run will remove all formatting styles and replace them with the default. It will also reduce your spreadsheet size from MB to KB.
http://support.microsoft.com/kb/247982
Enjoy!
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