1. Shortcuts that point to the Office 2003 will no longer work. You will need to delete any shortcuts that still point to the "old" Office applications! You can then recreate shortcuts for the new Office 2007 applications. You can find the new applications by clicking Start ... All Programs ... Microsoft Office.
2. When looking for the new Outlook ... it's now called Microsoft Office Outlook 2007, don't open Outlook Express by mistake. We don't use Outlook Express.