Yes you can. There is a 97-2003 option in the save as menu. You will also be made aware of features you've used that are not compatible with older versions.
Easy question . One of the great things about the new 07 .docx (and others) XML file format is the file sizes are GREATLY reduced over the "old" 97-03 .doc format. Plus, once you figure out that a single .docx file is basically a zip file in disguise, it's neat to poke around in there.
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