I have data in a table in Microsoft Word 2007 document. Is it possible to import this data into FM so I don't have to retype it again?

Put your cursor within the table & then Table > Convert > Table To Text. I prefer saving as comma delimited but you might want tab (play with it). Then File > Save As and specify plain text (txt). File conversion options will open. YOu may need to play with the settings here a bit but usually you won't need to change any settings (see the example text in the File Conversion box).

Now open FM, select File > Open. Change the file type to comma separated txt. You can then convert it to an FP7. You can take shortcuts as you figure out what you need. For intance, you can import directly into an existing FM table at this point as well.