Format Painter Option is available under Home Button in 2007

Format Painter - Single Click - Select a Format and click on Format painter, You can then click on any other range to apply this formatting You will be able to apply only once

Format Painter - Double Click - Select a Format and Double click on Format painter,You can apply this formatting as many times

Select the Cell and Apply the font type

  [Alt]+H+FF

Font Classifications - Serif and Sans Serif
Serif Font examples - Times new roman , Garamond

Sans Serif Font examples - Arial , Verdana

You may chose to use any of the installed font types from your system

Text that is formatted in a font that is not installed on another computer will be displayed in Times New Roman or the default font.

Select the Cell and apply the following 4 different font styles

[1]	Font Bold		[Ctrl] + b
[2]	Font Italic		[Ctrl] + i
[3]	Font Underline		[Ctrl] + u
[4]	Font DoubleUnderline

Format Cells offers 3 options for Font effects
Strikethrough        Superscript     Subscript

Data Types in Format Cells

General           Number        Currency
Accounting      Date             Time
Percentage      Fractions      Scientific
Text                 Special         Custom

  [Ctrl]+1 - Format Cells Shortcut

Usage of Custom
You can mask 0s in a table using Custom option of format cells Select the cells and apply custom as -> -0;0;;
You may also look at how to display a number format data in Lakhs and Crores using Custom

Select the data and click on Format as Table option under Home->Styles
You have three options of applying format on this table as Light, Medium and Dark
The selection of this table will enable the Design option in 2007 for further format variants