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Usually, Office programs give you the option when saving to save in the older format. This may require selecting the "Save As" option instead of just "Save", though. I also don't know for a fact that Office07 retains this feature.

To do 'Save As' in 2007, you have to hit the circle office symbol in the upper left, then Save As, and it gives an option for 'PowerPoint 97-2003 Presentation'. Still there, just goofy in how to get to it.