Yes it can... Most of the times with out issues.
LibreOffice supports by default several formats including the ones used by Microsoft Office, including the Office Open XML specification from .docx, .pptx and .xlsx files.
That will not mean that everything will look exactly the same when you open a file in MS Office 2007 and in LibreOffice. To tell the truth not all files created in MS Office 2007 will open the same even in Ms Office 2010, the opposite is also true.
You should be aware that Office XML specifications were created by Microsoft and that nuances can be seen using different versions of the editor that you are using. That will also be true even with Microsoft software.
Just don't expect that everything will be the same all the times. Things like missing fonts and weird formatting in the original document will cause massive issues while trying to open it in LibreOffice. Open XML formats are bad. End of story.
As an option
you can however run Ms Office in Ubuntu easily. Nothing is impossible. Just buy a MS Office license, run the installer with Wine and you can do all the things you do in Windows using MS Office 2007 under Ubuntu.