What to expect from Office 2007

When my in-laws bought their new computer, they also bought Office Home and Student 2007. The store clerk said it came with three licenses so it could be installed on three computers. My own computer came with Microsoft Works 7.0 and included various programs like Word, Money, Picture It, Streets and Trips, IE, and Outlook Express. It doesn't have Power Point, which is something my kids have had need for in school projects. I am considering installing this Office 2007 and have a few questions. It says it contains Word 2007, Excel 2007, PowerPoint 2007, and OneNote 2007. If I were to install it, I imagine it would replace my current Word (2002, I believe) but what about the other programs listed above as components of Works 7.0? I use Money a lot and wouldn't want to lose it. How do I go about installing it? Do I just put the disk in and follow directions? What else might I expect from such a project? Any pitfalls to avoid or advice to follow?

Thanks in advance for any opinions.

 

Thanks for the reply. It looks like I'll take care of this on the weekend.