Will Microsoft Office Standard 2007 work on my laptop running Windows XP Home , SP2?

I have a Gateway laptop 4535 GZ with 2 MB RAM memory (originally purchased with only 512 MB RAM memory). It only has 32 MB on board shared graphics memory (This is one reason I've been planning to sell it and buy a laptop with the graphics memory not shared, but prefer to wait a little longer due to cost). It has an Intel Pentium M, 1700 MHz processor. I currently run Microsoft Office Standard 2003. The BIOS is PTLTD-6040000, 06/29/04. Motherboard Part # is 4096. It has a 100 GB hard-drive, about 55 GB free. I purchased it from Best Buy approximately 2 years ago. Oh, I don't play games on it, but I do like to download music and family pictures on it.

Thank You,
BWeldon

From official microsoft website :

Computer and processor:
500 megahertz (MHz) processor or higher

Memory:
256 megabyte (MB) RAM or higher

Hard disk:
1.5 gigabyte (GB); a portion of this disk space will be freed after installation if the original download package is removed from the hard drive.

Drive :
CD-ROM or DVD drive

Display :
1024x768 or higher resolution monitor

Operating system:
Microsoft Windows XP with Service Pack (SP) , Windows Server 2003 with SP1, or later operating system

Other:
Certain inking features require running Microsoft Windows XP Tablet PC Edition or later. Speech recognition functionality requires a close-talk microphone and audio output device. Information Rights Management features require access to a Windows 2003 Server with SP1 or later running Windows Rights Management Services.
Connectivity to Microsoft Exchange Server 2000 or later is required for certain advanced functionality in Outlook 2007. Dynamic Calendars require server connectivity. Instant Search requires Microsoft Windows Desktop Search 3.0.
Connectivity to Microsoft Windows Server 2003 with SP1 or later running Microsoft Windows SharePoint Services is required for certain advanced collaboration functionality. Microsoft Office SharePoint Server 2007 is required for certain advanced functionality PowerPoint Slide Library requires Office SharePoint Server 2007.
Internet Explorer 6.0 or later, 32 bit browser only. Internet functionality requires Internet access (fees may apply).

Additional:
Actual requirements and product functionality may vary based on your system configuration and operating system.

Yes it will, I installed Office 2007 Enterprise and works perfectly.
Mine is Gateway MX6421 with 1.7GHz and 512 Ram, 80 Gigs HD, therefore you should be oK