Depending on how much disk space you have left on your hard drive, Microsoft Home and Student requires at least 1.5GB of free space. I've posted the minimum system requirements below, you will need these to run Office Home and Student 2007.
Minimum Requirements: (View on Microsoft Website
Computer and processor
500 megahertz (MHz) processor or higher1
256 megabyte (MB) RAM or higher1, 2
1.5 gigabyte (GB); a portion of this disk space will be freed after
installation if the original download package is removed from the hard
CD-ROM or DVD drive
1024x768 or higher resolution monitor
Microsoft Windows XP with Service Pack (SP) 2, Windows Server 2003 with SP1, or later operating system3
Certain inking features require running Microsoft Windows XP Tablet
PC Edition or later. Speech recognition functionality requires a
close-talk microphone and audio output device. Information Rights
Management features require access to a Windows 2003 Server with SP1 or
later running Windows Rights Management Services.
to Microsoft Windows Server 2003 with SP1 or later running Microsoft
Windows SharePoint Services is required for certain advanced
collaboration functionality. PowerPoint Slide Library requires Office
SharePoint Server 2007.
Some features require Microsoft Windows
Desktop Search 3.0, Microsoft Windows Media Player 9.0, Microsoft
DirectX 9.0b, Microsoft Active Sync 4.1, microphone1, audio
output device, video recording device (such as a webcam),
TWAIN-compatible digital camera or scanner, Windows Mobile 2003 powered
Smartphone or Windows Mobile 5 powered Smartphone or Pocket PC, or a
router that supports Universal Plug and Play (UPnP). Sharing notebooks
requires users to be on the same network.
Internet Explorer 6.0 or later, 32 bit browser only. Internet functionality requires Internet access (fees may apply).
Actual requirements and product functionality may vary based on your system configuration and operating system.