These tend to confirm the answer as a resounding "No".
"NOTE: Excel workbooks typically have multiple pages, called worksheets. Works Spreadsheet can open only one Excel worksheet at a time, so you will be asked which worksheet you want to open."
Microsoft Works and Microsoft® Office
http://www.microsoft.com/products/works/more/worktogether.mspx
"The Works Spreadsheet allows you to create a spreadsheet, use basic formulas, and create and display charts. Sorting also works well as far as I can tell. Also in this case you don't have track changes, macros, auto shapes, word art, and other features that Microsoft Excel provides. One big difference compared to Excel is that the Microsoft Works 9.0 Spreadsheet only allows one works sheet. If you open up a Microsoft Excel document with several work sheets you will get a dialog box asking you to pick which works sheet you want to load. Another difference is that in Excel you can select multiple non connected sections of the document but in a Microsoft Works 9.0 spreadsheet you cannot do that. The Microsoft Works 9.0 spreadsheet also only allows 16,384 rows and 256 columns. I tried opening a number of Excel Spread sheets at work and it did not work very well. First of all I had to pick just one work sheet. Secondly the Works Spreadsheet failed to load several of the formulas as well as symbol names and in the end I had nothing but nonsense."
Great potential bungled by Microsoft (on purpose?)
http://www.epinions.com/review/Microsoft_Works_9_PC_882224268370/content_472853352068