The latest version of Wine (as of 2009-06-23: wine-1.1.24) fixes an important regression that makes it far far easier to install Microsoft Office 2007 on Wine. I personally never use any of the Office suite for anything except ensuring that the documents that I export from OpenOffice for Word users look acceptable and professional.
While the suggestions of the Wine website state that it is possible on 1.1.3 to just run the installer, on 1.1.24, there's a few tweaks that will make the process go smoothly.
First of all, ensure you have the latest version. In (K)Ubuntu you'll want to add the PPAs:
deb http://ppa.launchpad.net/ubuntu-wine/ppa/ubuntu jaunty main
deb-src http://ppa.launchpad.net/ubuntu-wine/ppa/ubuntu jaunty main
and then add the correct GPG keys:
sudo apt-key adv --recv-keys --keyserver keyserver.ubuntu.com F9CB8DB0
Obviously you'll then need to:
sudo apt-get update
sudo apt-get upgrade
When this is all done, go to a command prompt and type:
winecfg
In the resulting dialogue that appears, make sure the operating system is set to Windows Vista.
Now, browse to your CD drive and run Setup.exe on the Office 2007 disc. You could also do this in a command prompt; something like:
wine /media/cdrom0/Setup.exe
Go through the installation and all should be well!
Now, grab a copy of winetricks and install the necessary components (I always install components in this order as it seems to not prompt me to reboot):
wget http://www.kegel.com/wine/winetricks
sh winetricks vcrun2005sp1
sh winetricks dotnet20
sh winetricks msxml3 gdiplus riched20 riched30
Finally, go back into winecfg and switch the operating system to Windows XP. Tada! It should all work!