At least they're bothering. I'm currently taking a (required) computer class that uses Microsoft Office. Microsoft stopped putting full versions of software on PCs years ago, so I'd been using Open Office. My school didn't give out copies of Office, though they'd be perfectly happy to sell me one for close to $100 (with the student discount). I would have had to buy it except a friend had a copy of the business edition, which is licensed by volume, that he could send me to use.

Considering that most people (and businesses) don't upgrade their software every single time a new version is released, I think it's great that they're giving you 2007. I'd be very thankful that the school can provide any software at all, if I were you.

As for your question, you probably could, if you were so inclined. Try going to Microsoft's site and see what it says about upgrading. I think I recall seeing something about it when I was checking pricing there myself not too long ago.

~DragonHeart~