So basically, the spreadsheet needs to be modified before you get it.
I think, (but I'm not certain), that the number ofpermitted formats may be larger with later versions of Excel.
It seems to me that your options are;
1)have the owner recreate it, changing the formats of cells to reduce the number.
2)Have the owner resave it as a .csv file. This will effectivvely loose ALL the formatting, and formulae. Depending on what you need to get out of it, this might be the quickest way.
3)Have it resaved and resent... it needs an enourmous amount of formatting to exceed the limit... I wouldn't rule out corruption in the file or the email version.
I don't think there is anything you can do with this yourself... it will need the help of the sender.
Apologies if this doesn't help!