Well, if you let us know what you want to achieve by connecting excel with limesurvey database, it will be more clear to answer your question. I guess you would be more interested in the Excel export feature in LimeSurvey than ODBC connection?
However, coming to your question, I have tried connecting LimeSurvey db with MS Access using ODBC. And I think you should be able to do the same with MS Excel.