I dont really have a clue about DDE Links unfortunately... I used to use them back around 1996 or so. I found them kinda clunky and slow. I think, actually, that this was the "verdict" in general and so it really is no longer a current technology.
As of Excel 2002 there is the new RTD ("Real-Time Data") worksheet function, but I really do not know how to take advantage of it. I believe you have to make your own Automation Server which this function calls via the ProgID. I cant see how this is any advantage over making a stand-alone App or DLL running behind your own UDFs however...
Im not sure where your data resides, but I think that a Timer control pulling in data via ADO on regular intervals of your choosing would probably be best. You could then use the Range.CopyFromRecordset() Method to paste in a large block of data at one time, or you could loop through your Recordset and place the data one by one into whatever cells you wanted...
This make sense?