Do you receive the same error by copy/pasting records?
This is from memory, but if you right-click on the gray row indicator box, your menu should have "Copy Selected Records". Then you can paste directly into an Excel spreadsheet.
A caveat: if your selections are in a related table that are a result of a feature selection, you might actually have incorrect selections (you get rows in your related table that aren't actually related to any of your selected features and you could be missing others). One of my users discovered this issue, which appears intermittent. I did narrow down the issue to ArcMap. The geodatabase+custom ArcObjects test code works correctly. Our workaround: if our users need the related data for something important and the number of records is too large for them to visually inspect, we obtain the data from the database using a sql query. We haven't seen this issue with ArcGIS 10.
You said you got the data into Excel. Are your DMS values in a text field? You might be able to parse the information that you need and round your decimal value. based on what I see in your screen shot, i came up with:
=LEFT(A1,8) & ROUND(VALUE(MID(A1,9,6)),1) & MID(A1,15,2)