{ ... }
var
 AWordApplication: WordApplication;
 AWordDocument: WordDocument;
 AWorkBook: ExcelWorkBook;
 AWorkSheet: ExcelWorkSheet;
 AInlineShape: InlineShape;
 AFileName: OleVariant;
 TrueParam: OleVariant;
begin
 AWordApplication := CoWordApplication.Create;
 try
  FalseParam := False;
  AFileName := 'c:\wordexcel.doc';
  AWordDocument := AWordApplication.Documents.Open(AFileName, EmptyParam,
  EmptyParam,
  EmptyParam, EmptyParam, EmptyParam, EmptyParam, EmptyParam,
  EmptyParam, EmptyParam, EmptyParam, EmptyParam);
  AInlineShape := AWordDocument.InlineShapes.Item(1);
  AInlineShape.Activate;
  AWorkBook := AWordDocument.InlineShapes.Item(1).OLEFormat.Object_ as
  ExcelWorkBook;
  AWorkSheet := AWorkBook.ActiveSheet as ExcelWorkSheet;
  ShowMessage(AWorkSheet.Cells.Item[2, 1].Text);
 finally
  AWordApplication.Quit(FalseParam, EmptyParam, EmptyParam);
  AWordApplication := nil;
  AWordDocument := nil;
 end;
end;