ANSWERS: 3
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Yes, you can use a mixture of versions, but, if you buy 2007 you may as well just upgrade the entire suite. You need to remember to save backwards though, or your files wont open in earlier versions.
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As others have said, it should work. But if you're going to buy Powerpoint 2007 at full price, you're better off getting the Student / Teacher Edition (if it still exists) and get the whole suite for the same price.
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It should work. But you might also want to consider OpenOffice, which is free and has a program very much like PowerPoint - if you can get away with using that instead of buying the Microsoft program you'll save some cash.
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