You need to install the Microsoft Office Compatibility Pack.
Go to the following website and follow the instructions.
http://support.microsoft.com/kb/923505
You don't have to convert the .docX or .xlsX to view in MS Office 2003, just install the "Microsoft Office Compatibility Pack for Word, Excel, and PowerPoint File Formats" and you should be able to open files, created or saved as the MS Office 2007 format.
If you need to edit the files you can too, but you will saved it in the MS Office 2003 formats.
Hope it helps.
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