OK follow these instructions:

Open Windows Media Player and click the Library tab.

Click the button above the List pane (located on the right hand side),and from the drop down menu select Edit Playlist,then select the Playlist items you want.

Note: You can also drag items from the Details pane (middle pane) into the List pane (right hand pane).

To save any changes to the playlist, click the List button again and select Save Playlist As. In the Save As window that opens choose a name for your playlist and add the .asx extension. (e.g Music.asx). Click Save.

Now go to Start > Programs > Windows Media Bonus Pack For Windows XP > Windows Media Player Playlist Import To Excel Wizard.

Step 1: Import New Playlist Data
Step 2: ~ you can skip this ~
Step 3: Click the browse button and navigate to the playlist file you saved earlier.
Step 4: Hit the "Click Here To Continue" button.

This will open Excel and import your playlist.