I'm not sure who to blame this on Grisoft or Microsoft but here is a fix, albiet an insecure and potentially dangerous one.
Solution 1 - Microsoft KB (didn't work for me)
Solution 2 - Tech Support Guy Forums (did work)
I'm running the free version of Grisoft's anti-virus scanner. I also use their commercial version on the two web servers I manage.
Here is a link to an official Grisoft FAQ about disabling the plugin for outlook.
Keep in mind this will disable the plugin Grisoft made for office programs so always know the source of your word documents before opening. I hope one of them fixes this issue and allows the plug to work properly and remove the useless text from the status bar in word 2007.