It's been a while since I worked wit RSView32. But as far as I remember...
Excel can easily open the .DBF files from RSView32's datalogs.
But RSView32 cannot log to a file that is opened by another application (like Excel). So you shouldnt open a datalog file that RSView32 needs to write to.
If you must look at the data concurrently with RSView32 writting to the log, it would require that you changed the datalog from type .DBf to ODBC. That in turn means that there must be an ODBC database setup on the local PC (or via a server).
Certainly doable, but not trivial.
edit:
Oh, a quick work-around could be to copy the .DBF file and then open the copied file with Excel.
But notice that there can be a "hickup" in RSView32s datalogging at the moment you copy the file. In other words you shouldnt do it if you cannot accept to lose some data.