That would be a vague approach because in general you don't reference sheets or cells directly, but you can bring in an excel file into an Arc* table and then do your query from there Excel to table
If you format your excel sheet so it is readable as a table, yes, you can read excel directly into Model Builder as a table.
There is a tool -- Get Field Value -- which will read a value from the first row of the table into a model element you can then use as a parameter to another tool.
There is a very good Blog about formatting Excel files so that they can be read by ArcMap, strongly recommend you read this first if you intend to store data in Excel.
