Hi Sid,
I think I'd lean to the second option Bob posted, as I don't think you want to disable the bar, just get rid of it. Throw it in the Worksheet's FollowHyperlink event:
[vba]Private Sub Worksheet_FollowHyperlink(ByVal Target As Hyperlink)
Application.CommandBars("Web").Visible = False
End Sub[/vba]
HTH,