Split your file up into chunks of 65k records or less, then import each
to a separate sheet. Alternatively, use Excel 2007 beta, which has the
capability of 1 million rows per sheet.
I imagined that you didn't have Access - if you do then you should be
able to open the file with that. You might also be able to do what you
had planned to do in Excel within Access.
If you need to export the data, perhaps you can use a filter (on a
date, for example) as a way of splitting the file up - you should be
able to export as an .xls file.