Microsoft Office 2007 will allow to read, edit and save documents in ODF format after SP2. Open Document Format (ODF) is ISO standard Open File Format which is developed by Sun Microsystems and used widely in Open Office and others.
The common file extensions which are used in ODF are
.odt - Word Processing - equivalent of .doc or .docx (MS Word)
.ods - Spreadsheets - equivalent of .xls or .xlsx (MS Excel)
.odp - Presentations - equivalent of .ppt or .pptx (MS PowerPoint)
Other popular ones are .odg for graphics and .odf for mathematical equations.
But you download the plugin or addin for Office 2007 from Sun Microsystems which allows to read, edit, convert and save the documents in ODF Format.
Download ODF Plugin for Office 2007
To save files in ODF format, click Save as and then scroll down to select the option of .odt or other formats.
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