Windows 7: Office 2007 Excel File Association

Hello
In the document library if I click on an word document the document opens in word.
If I click on an excel document it opens in notepad.
If I open Excel and drill down to the libary document excel file the document will open in Excel.
I looked at the document library excel files and noticed that the excel files were associated with notepad.
I then went to 'open with' and located on the desktop Excel.
However when I click on the document library excel file I get 'not a valid win32 app...'
What Excel is linking / associating with / opening with is Excel Component - and not the Excel Application.
Evidently I associated "open with" the Excel Componet - and I simply cannot find the Office 2007 -Excel Application when I browse through for example 'ProgramData' 'Program Files' and so forth.
Where can I find Excel.exe so that I can use the 'open with' ?

The exe file you are looking for should be: C:\Program Files\Microsoft Office\Office12\Excel.exe