First thing you need to install latest version of Wine, I tested on Wine 1.1.31 using Windows XP emulation. Beside this you need to install a special version of Wine called CrossOver Games. Its actually designed for installing Windows games on Linux and Mac. You can download a free trial version from CodeWeavers.
Go into Wine configuration by $ winecfg command. Set msxml3.dll and rpcrt4.dll to "native, windows" apply setting and exit.
After you finished CrossOver Games, go to /opt/cxgames/lib/wine and copy rpcrt4.dll.so to /.wine/drive_c/windows/system32. Please note that rpcrt4.dll file already exist in systems32 so backup the old file by changing its name to rpcrt4.dll.bk then rename the new rpcrt4.dll.so file to rpcrt4.dll. Also rename msxml3.dll file in systems32 to msxml3.dll.bk
Now you need to install XML Parser, you can do by following commands;
sh winetricks msxml3
It will guide you during installation.
Now you are ready to run the MS Office 2007 setup. Use the following command;
wine setup.exe, rest is same as you install in Windows.
If still you face some error also try following Windows redistributables;
comctl32, comctl32.ocx, corefonts, gdiplus, gecko, msls31, msxml4, msxml6, riched20, riched30, tahoma, vcrun2005
You can install by winetricks, type in terminal;
sh winetricks comctl32 comctl32.ocx corefonts gdiplus gecko msls31 msxml3 msxml4 msxml6 riched20 riched30 tahoma vcrun2005.