import - Importing a large Excel file

I'm trying to import a simple Excel file containing 94,000 rows and 52 columns of various types, mostly Reals. It's a 38-MB file. I get this super helpful error message:

Import::fmterr: Cannot import data as XLS format. >>

How can I fix this?

A little googling reveals that for large files Wolfram recommends the approach that RMMA posted:

<< JLink`;
InstallJava[];

ReinstallJava[JVMArguments -> "-Xmx512m"]

But I get the same error no matter how big I make the number in "-Xmx512m", which I assume is the Java heap size. Can anyone recommend a way to import this file ideally without using Excel to convert it to a different format?

Addendum: I appreciate the effective ideas that have been proposed as workarounds. But I'm looking for a way of directly importing Excel files. It will be difficult to explain that my favorite software cannot import Excel files without prior conversion using some external program. If this is the case, I'm truly surprised.

Comments

functions - Get leading series expansion term?

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front end - keyboard shortcut to invoke Insert new matrix

I frequently need to type in some matrices, and the menu command Insert > Table/Matrix > New... allows matrices with lines drawn between columns and rows, which is very helpful. I would like to make a keyboard shortcut for it, but cannot find the relevant frontend token command (4209405) for it. Since the FullForm[] and InputForm[] of matrices with lines drawn between rows and columns is the same as those without lines, it's hard to do this via 3rd party system-wide text expanders (e.g. autohotkey or atext on mac). How does one assign a keyboard shortcut for the menu item Insert > Table/Matrix > New... , preferably using only mathematica? Thanks! Answer In the MenuSetup.tr (for linux located in the $InstallationDirectory/SystemFiles/FrontEnd/TextResources/X/ directory), I changed the line MenuItem["&New...", "CreateGridBoxDialog"] to read MenuItem["&New...", "CreateGridBoxDialog", MenuKey["m", Modifiers-...

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