I'm not working in office 2007, so I can't guide you in the interface navigation.
But:
What precisely you inserted, MS excel worksheet (in earlier verions available via Insert>Object) or Microsoft Office Spreadsheet 12.0 (guess it's 2007 version, it's a component in Office Web Components pack, available as control)?
By default, embedded excel is displayed as pure grid, OWC spreadsheet has a toolbar in the top.
combo