Hi Chris,
There is a slider on the diskette that may account for it being
marked as read-only. In any case you should never read (or write) from
a diskette directly from Excel. Copy the file to your hard-drive
and work with it on your hard-drive, save it on your HD, and copy
if from your HD to a different diskette so you have new and old copies.
The main problem with diskettes is that they have limited dataspace
and you have to be able to store at least two copies, assuming nothing
else goes wrong. Diskettes are unreliable, and can be removed
purposely or accidentally causing additional errors. A lot of people
lose their files due to problems with diskettes.
More information on Backup, Recovery, and saving yourself aggravation
http://www.mvps.org/dmcritchie/excel/backup.htm
You cannot have two file with the same filename open at the same time.