Microsoft has made available Service Pack 3 (SP3) for its 2007 family of products.
This service pack contains all the Cumulative Updates and Public Updates for Office 2007 that have shipped since SP2 for both the Office client suites and applications, and the SharePoint server applications. The Project Server updates are included along with the SharePoint updates in the Office Servers SP3 updates. SP3 also contains additional new fixes which are described here
Users who have installed all Office Automatic Updates, will also see SP3 available as a manual download from Microsoft Update. After a 90 day period, SP3 will be offered as an automatic update through Microsoft Update.