i believe what you're talking about is called lookups:
http://docs.splunk.com/Documentation/Splunk/5.0/Knowledge/Aboutlookupsandfieldactions
typically, this feature is used to bring in information from said spreadsheet and add it to your search results, but you can also use the 'outputlookup' command to write results from a search to a file on your filesystem:
http://docs.splunk.com/Documentation/Splunk/5.0/SearchReference/Outputlookup
if you ran a scheduled saved search that included an outputlookup command, you could achieve the situation you describe, although it won't update the spreadsheet automatically just by opening it.
this module might also achieve some of your goals;
http://splunk-base.splunk.com/apps/29336/splunk-for-excel-export
but i'm in retrospect (thanks #splunk IRC!) thinking you meant this:
http://splunk-base.splunk.com/apps/58162/odata-for-splunk
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