I had some issues with one of my Word 2007 installations. It was hanging and Word Options only the Popular options were available. Starting it in safe mode helped but was no solution to the issue.

I found a web page with a description covering the issue completely:

http://www.tech-archive.net/Archive/Word/microsoft.public.word.application.errors/2007-05/msg00184.html

In short, resetting some registry items solved the issue.

Go to: CURRENT_USER/Software/Microsoft/Office/Word
Modify Addins -> oldAddins

Go to: CURRENT_USER/Software/Microsoft/Office/12.0/Word
Modify Data -> oldData
Modify Options -> oldOptions

Go to: LOCAL_MACHINE/Software/Microsoft/Office/Word
Modify Addins -> oldAddins

Instead of changing all the items at once I decided to test every item one by one. The Data item appeared the one to be causing my issues.