If you install the SAS 9.2 Addin for Microsoft 4.2 it disables your undo capability in Excel.
This happens in both office 2003 and 2007.
Seems it is a known issue since June 2009.
There is a work around to fix it here:
Problem Note 36601: Cannot undo changes in Microsoft Excel when the SAS® Add-In for Microsoft Office is installed
There is also a related note here:
Which states it “can be fixed by applying the second maintenance release for SAS 9.2 (TS2M2).”
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