It's similar in each Office 2007 ribboned app. For example, in Word 2007 you can access the Options Dialog
(Office Button=>Word Options=>Advanced or by keyboard
Alt, T, O, A
and in the Advanced section scroll down to display and set the number of recent documents to zero (max is 50).
You can set it back to a higher value once the list is cleared.
It can also be cleared in the Windows registry at a bit higher risk.
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Does anyone know how to delete the recent documents list in Office 2007>>
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Bob Buckland ?

MS Office System Products MVP
*Courtesy is not expensive and can pay big dividends*