First, let me congratulate you on loosing 117 pounds. That is a wonderful thing in itself!!!
This question comes up a lot actually. Go to the
Skin FAQ on the maintainance forum. They share stories about excess skin and surgery to remove it. Meg (the moderator over there) has a great post about it. I don't think you can just exercise a lot and work it off.
Ultimatly it's going to be something you'll have to decide on your own (that is to get it removed or not). I have lost just under 100 pounds and already have a ton of excess skin. I still like 65 to go
So after reading their thread I've resolved myself to one day I will get the skin removed. But even if I lost all the weight right away I would it done now because I couldn't afford it, I'm young (23) and still would like to have children one day therefore would streach it out again, and I want to keep the weight off for a while before I have it removed. So it just depends on how you feel about it.
Best of luck