A family of Microsoft spreadsheet software with tools for analyzing, charting, and communicating data.
The answer appears to be "yes" - all can be used.
Basic System:
Windows Server 2008 R2 Standard (64-bit) w/SP1
Installed memory (RAM) 12.0GB
Intel Xeon CPU E5220 @ 2.27GHz (2 processors)
I installed the 32-bit version of Office 2010 Professional Plus and after completion checked the setting in Excel, and it had automatically chosen "Use all..." and showed that 16 processors would be used. 8 processors per CPU x 2 CPUs = 16 processors!