My experience with using Outlook 2007 with Home/Student Office 2007 was that it worked fine. I encountered no issues with it at all. I had purchased the Home/Student and installed it first. Only later did I purchase and install Outlook 2007. So I don't expect you'll have any issues doing the same thing. The fastest way to transfer the data would be to install Outlook 2007 on the W7 computer, copy over the PST file from your XP computer, and then use the 'File -> Import -> From File...' to import the data from that PST.