You have a few options
1. Create a linked server in Sql
2. Use openRowSet to query the file
3. Use DTS
4. Open Access, Import the excel file into it then use the upsizing wizard
5. If you are using 2005, you can use SSIS and easily do it.
Do some searches on each method if you are not familiar. The open Rowset is one of the easiest ones, but see which suits your needs the best.