Files on local hosted servers are opened in Protected View in Excel 2010, in PowerPoint 2010, or in Word 2010

When you open files from local hosted servers, such as http://localhost, the files are opened in Protected View in Microsoft Excel 2010, in Microsoft PowerPoint 2010, or in Microsoft Word 2010.
To work around this issue, temporarily disable the Enable Protected View for files located in potentially unsafe locations option. To do this, follow these steps:

1. In the application that you use, click the File tab, and then click Options.
2. In the <Application> Options dialog box, click Trust Center, and then click Trust Center Settings.
3. In the Trust Center dialog box, click the Protected View tab, and then click to clear the Enable Protected View for files located in potentially unsafe locations check box.
4. Click OK to close the open dialog boxes.
   

Note Leaving this option disabled can expose your computer to security risks.