Any SharePoint list can be accessed as XML. If you use a URL like the following:

http://anycompany.com/sites/yoursite/_vti_bin/owssvr.dll?Cmd=Display&List=%7B6DD52014%2D168C%2D4298%2D9F60%2D08234232A394%7D&XMLDATA=TRUE

and use Excel 2003 to open it, you can link to it like any other XML.

  1. Choose Use the XML Source task pane:

  2. Choose the Elements you want to map:

  3. And then your List is linked to your Excel file:

  4. Use the List Toolbar in Excel to synchronize changes: