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Microsoft released Office 2003 Service Pack 3 (SP3) recently. According to their blurb
Microsoft® Office 2003 Service Pack 3 (SP3) represents a major evolution in security for Office 2003. It further hardens the Office suite against potential attacks and other security threats. This service pack also includes fixes that have been previously released as separate updates for Office 2003.
You can get specific information about this update in the Microsoft Knowledge Base article (923618): Description of Office 2003 Service Pack 3
Unfortunately there exists some documented issues for Excel Macros. Specifically Excel 4 macros that are included in files. KB938806 deals with this problem