Share an Excel spreadsheet with several users at the same time

I want to place an excel spreadsheet on an network share drive and have several people access or update it at the same time. Is that possible. I tried a test. I place an excel spreadsheet on a share drive and went into properties and updated the permissions so everyone could update the doc. While I had the doc open I had a peer try to upate the doc but he got a message saying I had the doc locked. Is there a way around this?
Mrzebo1Asked:
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TracyVBA DeveloperCommented:
Yes, you can share the workbook:
http://www.exceladvisor.net/sub/6_shared.htm

However, this is not suggested, as shared workbooks can cause numerous unexpected problems.  I suggest one user edits the document at a time.
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TracyVBA DeveloperCommented:
This is explains some of the dangers of using a shared workbook:
http://excel.tips.net/Pages/T002998_Losing_Data_in_a_Shared_Workbook.html
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Mrzebo1Author Commented:
How do you share an excel 2007workbook. I read that you need to access the tools menu but I don't see that option. Thanks for the help.
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TracyVBA DeveloperCommented:
Found here: http://www.lockergnome.com/windows/2007/06/07/share-a-workbook-in-excel-2007/

To share a workbook in Excel 2007:

Open your Excel workbook.
On the Review tab, in the Changes group, click Share Workbook.
On the Editing tab, place a check beside the option to Allow changes by more than one user at the same time. This also allows workbook merging.
Click the Advanced tab and under Update Changes select Automatically every. You can use the default value of 15 minutes or change this.
Click OK.
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