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Cannot Save from Excel 2003 to networked location.

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I'm still hearing back from this user. She's still experiencing the same symptoms: Tries to use the "save as" option, chooses a networked location to save the file, she gets the following error "<filename> cannot be accessed. The file may be read-only, or you may be trying to access a read-only location. Or, the server the document is stored on may not be responding."
The current file she works on is not read only.
She's able to save the file to her local machine, then copies and pastes it successfully to the desired networked location, and she's been using this workaround since I initally posted this thread. But, of course, as all end users demand, she wants to be able to use the "Save As" option right from Excel 2003.
I confirmed with the Server administrators that the user has full rights to the specific directory, subdirectories, and even two levels up in the directory structure on the network. She also is set as a Local administrator on the machine she's using.
She can create, edit and delete other types of files from other software programs such as Notepad and MS Word.
The problem seems to be isolated to he tries to the use of the "save as" option within Excel 2003. Only on this case she gets the error mentioned above.
I still have not been able to find any applicable solutions to this issue for Excel 2003. Anyone have any ideas/suggestions?