First, I found the cause of the OLE errors. It was an add-in recently updated from PPC. (Practitioners Publishing Company). The fix was to uninstall the program and reinstall, then delete the entire HKLU\Software\Microsoft\Office\14.0 key in the registry.
First the OLE in Word said I did not have Excel installed. After that, I kept getting a "Microsoft Excel is waiting for another OLE application to complete" error that would not go away until I killed the instance of Excel in task manager.
That being said, first open task manager. Make sure no Word or Excel instances are running in processes.
Open a Word document. The Winword.exe process appears. Next, insert an Excel table into the Word document. The Excel.exe process appears. Close the table, then close the Word document. The Word instance disappears, but the Excel instance does not.
I don't know if this is by design or a bug.
OldAuditor