Can I keep Office 2007?

Yes, of course. Assuming you perform an upgrade install, or you re-install Office 2007 after you do a clean install.
 

My Computer

System One

  • OS
    Windows 8.1 Pro
    CPU
    Intel i7 3770K
    Motherboard
    Gigabyte Z77X-UD4 TH
    Memory
    16GB DDR3 1600
    Graphics Card(s)
    nVidia GTX 650
    Sound Card
    Onboard Audio
    Monitor(s) Displays
    Auria 27" IPS + 2x Samsung 23"
    Screen Resolution
    2560x1440 + 2x 2048x1152
    Hard Drives
    Corsair m4 256GB, 2 WD 2TB drives
    Case
    Antec SOLO II
    Keyboard
    Microsoft Natural Ergonomic Keyboard 4000
    Mouse
    Logitech MX
If I upgrade from Windows 7 to 8 can I keep my Office 2007?

I can tell you from personal experience that Office 2007 works just fine under Windows 8.
 

My Computer

System One

  • OS
    Windows 7
    System Manufacturer/Model
    Compac Presario SR5518F
    CPU
    Dual Pentium E2180 (2 GHz)
    Motherboard
    MS-7525 (Boston)
    Memory
    4 GB
    Graphics Card(s)
    Nvidia GeForce 8500 GT
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