Andy Pope posted a nice workaround. I know that Tushar Mehta has one too --
http://www.tushar-mehta.com/excel/newsgroups/broken_y_axis/index.html
I find these to be a lot of work, though, so I usually just draw hashmarks
over where the axis needs to be "broken" and put a background-filled
autoshape over the bar/column on the graph if necessary. If I wanna get
really fancy, I'll put a background-colored line in between the hashmarks on
the axis to cover up that part of the axis so it doesn't show.
As for the top number on the axis, you can just cover the existing number
with another background-filled autoshape and then put a textbox on top of
that with the number you need. I do it this way -- two pieces -- instead of
just using a background-filled textbox because when I print in black and
white, a filled textbox will have a black line around it. Doing it the way I
do lets me cover the existing number but lets the "sham" textbox print
correctly in black and white.
Or sometimes I just ungroup the graph and change the top axis number. Just
depends on the file, the client, the data, etc. If I do this, I make a copy
of the actual graph and then right-click and Format Object. On the Size tab,
I size to 5% and drag that tiny thing off the edge of the slide so I can get
back to the real data if I need to.
Okay, so I fully admit it's not nearly as elegant as the solutions Andy and
Tushar have, but it's a lot easier for me!