I found a way to do it if you don't mind loosing your page breaks.
1. From Excel, save the active worksheet as an HTML file, this will create a file one page long (HTML does not care about page breaks set up in Excel).
2. Using Adobe Acrobat 7 Pro, use the Web capture feature to capture the HTML file just created from Excel, the resulting PDF file will have the active hyperlinks, but the breaks may not occur where you want them.
3. You will also notice some headers and footers in the PDF, if you go back to your browser and set the page printing preferences not to include these and recapture the html file from Adobe Acrobat Pro, you should get a clean pdf file.
A bit crude, but it works....