You could always take a look at OpenOffice which is a free suite of MS Office type tools. They are interoperable, we used it at work for a while and you can open/edit files created in MS Office and vice versa. It will save out to whatever version of office you want IIRC (so you can say save as -> MS Office 2007.)
It has all the main components, word, spreadsheets etc. Its completely free and works well but isn't identical, unless your doing complex stuff it will be 99% the same. We had a few issues at the beginning with some macros in spreadsheets but they were pretty complex for exporting custom data files to use in video games.
I can't remember if it has an email client, we used thunderbird which is a free tool like outlook.