So SDL Trados Freelance 2007 will only work on Office 2010 if its 32 bit.
If you want to use it in Word, that's correct. If you just want to use Tag Editor, then the Office version doesn't matter.
Does the SDL Trados Studio 2011 Freelance work with Office 64 bit or only with 32 bit?
With both, because it's a standalone application.
Both Trados versions should work on Windows 7 Home Premium 64 bit right?
Yes, they do.