How to use Excel (2007) web data sources to import web service query results
Open up a new workbook in Excel.
Click on your data menu or 'tab' in the ribbon.
Click the From Web Button.
Put in the url for your query as the URL for the location of the data (see screenshot) and click go - this will prompt you for your Rally Credentials and load the data in the window.
Click the import button and go through the last validations and you will get something like the screenshot for the results.