Peeru, You can call the program using "System Exec" in the communication pallette. That VI allows you to enter the commandline with input parameters, just like you would in a DOS prompt.
If the file is something like a plain text tab delimited file, and not a true Excel file, you can read it into an array using "Read from Spreadsheet File" in the File I/O pallette. However, if the file has header information, you may need to do a little more work to get at the data.