This is typically a fault in office. Your are missing necessary files or they became unreachable. The most likely solution is to reinstall your home and student 2007 from the original cd if possible. If you can't,, can you selected somewhere INSTALL ON FIRST OPTION and provide the original cd while trying to run your app ? This option will try to install only the missing files, and not the whole app.
In any case there is no quick fix for it.
Sorry,