Hi,
Sure there is.
Create a new media item and choose 'File' from the dropdown. Give it a name and hit 'Save'. You'll get an upload field to upload the office 2007 docs.
Or, if you wish to distinguish between the different types, create new media types first. Just as you'd create new document types. For example, create a new 'Word 2007' media type, add an upload field,...
Don't think you can version media types, as they're saved on disk. A new version overwrites the previous one.
Hope that helps.
Regards,
/Dirk
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