Well guys, I've been seeing Portable Microsoft Office 2007 out and about.
It looks like someone has taken JauntePE (http://www.portablefreeware.com/?id=1238) and used it to totally integrate all the functions of Office 2007 into a single .exe so you can run it as a standalone application.
Looks interesting. I might have to invest in a 1 GB flash drive.
The file is 236 MB rared and 572 MB or something around there unrared.