You can do exactly this using the MATLAB Builder EX. You do not need to know Visual Basic to do this. All you need to know is to use MATLAB and Excel. Here is a video, and a link with simple steps:
http://www.youtube.com/watch?v=6W_lBysyC_o&list=PLD1D5C17EE2F7DEAB
http://www.mathworks.com/help/matlabxl/ug/deploying-your-microsoft-visual-basic-application.html;jsessionid=9d924859ad4da3c375eb7f99ca7e
The fun part is that once you have your function out of MATLAB, you don't even need to have a MATLAB installation on your computer. So you can actually run the Excel function, generated by MATLAB, in a computer that does not have MATLAB installed.
Shoot me an email for detailed steps if something is unclear.
http://www.youtube.com/watch?v=6W_lBysyC_o&list=PLD1D5C17EE2F7DEAB
http://www.mathworks.com/help/matlabxl/ug/deploying-your-microsoft-visual-basic-application.html;jsessionid=9d924859ad4da3c375eb7f99ca7e
The fun part is that once you have your function out of MATLAB, you don't even need to have a MATLAB installation on your computer. So you can actually run the Excel function, generated by MATLAB, in a computer that does not have MATLAB installed.
Shoot me an email for detailed steps if something is unclear.