I had a discussion today with David Petro who informed me there was a plugin or add-on you could get to allow older version of Office work with new Office 2007 files.
From the site:
"By installing the Compatibility Pack in addition to Microsoft Office 2000, Office XP, or Office 2003, you will be able to open, edit, and save files using the file formats new to Word, Excel, and PowerPoint 2007. The Compatibility Pack can also be used in conjunction with the Microsoft Office Word Viewer 2003, Excel Viewer 2003, and PowerPoint Viewer 2003 to view files saved in these new formats. For more information about the Compatibility Pack, see Knowledge Base article 924074."
So if you are interested click on the Microsoft graphic above to access the files needed.