I can only undo once in Excel and I have taken the steps to change the number in the Edit Registry and that did not fix the problem. Help! Very Annoying!!!

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Did you reboot after changing the registry? Which registry key did you change? What did you change it to? – heavyd Mar 10 '10 at 17:59
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I guess you were following this article to change the value. In most cases a registry key change requires the application to be restarted (no need to reboot the machine for application level changes), or better yet - to do the change, while the application is not running. Otherwise there's a chance that the application can overwrite your change.

So, make sure you have closed excel completely before you change the value in the registry. Open the task manager. Click on the process tab. Check if there is still excel.exe process running. If so, kill it.

Then make your change and start excel.

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