Yes, Excel 2007 does have the feature to format two colors in the same cell. Here's how you can do it:

1. Select the cell or cells that you want to format.
2. Go to the Home tab in the ribbon.
3. Click on the Conditional Formatting dropdown menu.
4. Select New Rule.
5. In the New Formatting Rule dialog box, select Format only cells that contain.
6. In the Format only cells with dropdown menu, select Specific Text.
7. In the Containing field, enter the text that you want to format.
8. Click on the Format button.
9. In the Format Cells dialog box, go to the Fill tab.
10. Select the first color that you want to use.
11. Click on the Add button to add the color to the Custom colors list.
12. Click on the OK button to close the Format Cells dialog box.
13. Back in the New Formatting Rule dialog box, click on the Format button again.
14. Go to the Fill tab.
15. Select the second color that you want to use.
16. Click on the Add button to add the color to the Custom colors list.
17. Click on the OK button to close the Format Cells dialog box.
18. Back in the New Formatting Rule dialog box, click on the OK button to apply the formatting.

Now the selected cells will have two colors in them, with the text crossing both colors. You can adjust the colors and the text as needed.