I have a Windows 7 (64 bit) system. When I try to install MS Office 2007 Professional trial version I receive an error that says: "THERE IS A KNOWN COMPATIBLITY PROBLEM. SQL 500 CANNOT BE INSTALLED"
To the best of my knowledge the above error message is displayed and I cannot install the program
Hmm, I have Office 2007 small business, and it installed just fine. Of course, it doesn't necessarily have all of the components of a complete install. Have you tried installing only a subset of the applications? I would suspect, based on the name, that you are running into problems with either the contact manager or Access.