Yes, there is an option to include capitalized words in spell check in Excel 2007. Here's how to do it:

1. Click on the "Review" tab in the ribbon at the top of the Excel window.
2. Click on the "Spelling" button in the "Proofing" section of the ribbon.
3. The spell check dialog box will appear. Click on the "Options" button in the bottom left corner.
4. In the "Options" dialog box, check the box next to "Ignore words in UPPERCASE" under the "When correcting spelling in Excel" section.
5. Click "OK" to close the "Options" dialog box.
6. Click "Start" to begin the spell check. Excel will now ignore capitalized words when checking spelling.

Note that this option will only apply to the current workbook. If you want to use it in all workbooks, you'll need to set it up in each one individually.