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The Excel Saga universe is a battleground between Koshi Rikdo and Nabeshin, both of whom are sadistic gods fighting for the right to control the world.
Actually, hang on... It's true. Sort of.
Everything but the first three minutes and the last one minute is Excel's near-death experience.
Let's see: Excel carelessly runs out of the school, gets hit by a bus, and only when she's near death does all the zaniness begin, starting with the appearance of the Great Will of the Macrocosm (a subconscious manifestation of Excel's desire to stay alive). It takes her several tries just to convince herself that she's alive (which is why she dies so often in the first episode compared to the subsequent ones), and after that, to somehow make a ridiculous sort of sense out of it, she imagines herself as a character in a wacky TV show — which ends with her, as well as the whole world, engulfed in blood, representing her true death and acceptance of it. The final scene with Nabeshin, Rikdo and the marriage also occurs for real, and reveals what happened to people that imprinted in Excel's memory and became the creators of her imaginary show.
Excel was college bound but cracked while studying for her entrance exams
This was mentioned in the translator's notes as his personal theory. His evidence was the occasional scientific fact that Excel carelessly tossed out, such as being unable to open a flooded lair door due to a pressure differential.
Excel is the princess of Solaria
In the manga continuity, Kabapu mentions that only the princess of Solaria can enter the Ruin (presumably existing under Il Palazzo's base), and because of this he has sealed her in Ropponmatsu's core. However, Il Palazzo has called Ropponmatsu "fake", and in a very early in the manga shown to be intigrued by Excel's ability to open a particular door inside the base, though the readers never get to see what's inside.
Miwa is Tenmangu
Hyatt is a vampire
While she throws up more blood than she ingests, it has been shown (in the manga) that drinking blood actually heals her temporary death for awhile! Also, she has demonstrated some pretty extreme regenerative ability, up and including being burned crispy, only for the burnt parts to shed off and reveal perfectly smooth skin underneath.
Excel Saga takes place in the world of Exalted
Excel is a Zenith caste solar, hence her unstoppable nature. Hyatt is a Midnight caste abyssal, hence regenerating from deadly wounds with lots of gore, and creating zombies. Her sickness is resonance. Il Palazzo is a death lord. That guy with the mustache is a bronze faction sidereal. And the civil servants are Dragon Blooded, hence why the one guy can communicate without speaking, but still in words.
There Is Something Seriously Wrong With Excel's Knees.
I mean, look at her legs!
Excel Saga is really Pinky and the Brain
Excel is Pinky, and Il Pallazo is the Brain. Hyatt is Larry.
Excel Saga occurs during the Instrumentality
It's an attempt by Shinji to invent a world that is the exact opposite of his life, thus Excel's gender, actually liking his mysterious lord (..a bit too much), and the general wacky unreality of the city.
He can't stop parts leaking through, though. While Hyatt started out as he wanted, she quickly developed elements of Rei; Ilpalazzo secretly doesn't care about her at all, and it all breaks down towards the end.
Not to mention a Red Sea covering the entire planet at the end.
Kabapu and Il Palazzo are playing with one another. All of this is nothing more than a vast game
Their both immortal. Both have too much time on their hands. So each takes a turn ruling/trying to conquer the city. Kabapu started out running the city and Il Palazzo wanted to conquer it. As of the latest manga volume the roles are reversed (We've even seen Il Palazzo doing Kabapu style things like having secret meeting with corrupt officials). The reason Il Palazzo abandoned the real Excel is that he means for her to become to Kabapu what she once was for him. But as we've seen before he can't cope without his underlings around and so took Ropponmatsu to compensate himself.
And Il Palazzo's comments about how the game "Doesn't go on forever" is a worrying bit of foreshadowing that he means to destroy the modern world as Solaria was destroyed 4000 years ago
Il Palazzo is Shiouji's father
I don't really have that much going for this one, Kabapu's sudden interest in where Shiouji's father disappeared to seems start at around the same time he begins obsessing over Il Palazzo's return. Furthermore volume 12 ends with him making the comment "He could be anywhere in the world, he could even be nearby" before immediately cutting to Il Palazzo being mysterious. Would explain said father's affinity for Solaran technology.
Hyatt is Nancy from Read or Die
Just look at their outfits...
The illness and difference in personality could be explained by Nancy II's near-death experience at the end of the Read or Die OVA.
Hyatt is Juushiro Ukitake's long lost sister.
Hyatt is Hayate Gekko's long lost sister.
Excel is insane.
In my opinion, Excel Saga was about an insane protagonist, and the point of the series was showing her insanity. All those totally insane things that happened? All in her head, as she descends ever further into madness.
Excel and Il Palazzo are Alternate Universe Misa and Light
Il Palazzo and Light both want to create and reign over the perfect world and Excel and Misa are their ditzy, enthusiastic followers, who are helplessly in love with them.
Il Palazzo has to use different, because there are no Shinigami, and therefore no Death Notes in the Excel universe, but he has similar convictions.
Also the lyrics of Ai (Chuuseishin) describe Misas situation perfectly:
This isn`t love
Love isn`t this
I am in love, but I am not loved
(...)
People go their own ways
This is probably for his sake
I won't ask for anything in return
My loyalty is deeper than love
I might fall down and die, and I might drown
But everything's for his sake
I might be an idiot, I might be a fool, but I don't care
This is a loyalty you might call love.
Excel eventually dies for real, develops intellect and changes her name to Rangiku.
She also meets a man, who remind̷̯s her of Ilpalazzo and befr̦iends h͙im.
Alternatively, she becomes a Shinigami...
...called Rem and ends up meeting the certain person, who remi͈̜̲̹̺̟nds her of herself.
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