You can save the BOM out as a CSV or text file and import it into Excel. If you know API programming, you can write a routine (it may already be posted in the forum somewhere)and directly transfer it.
You do not right click. You left click on the BOM then go to file-save as. Then make sure you change "save as file type" to .csv. Then save the file where ever you would like. One thing that I noticed. I am running 2006 sp4.0 and when I open the .csv file in excel the cells will not load properly if I have a comma in the fields. I imagine the comma tells Excel to move to the next cell because that is what happens to me. If I remove all commas I have no problems.
Since you are running SW 2007 you can save the BOM directly to an excel file by using the file save as ".xls" command. This puts all data in the proper place on the excel file and commas are accepted. Let me know if you have any questions.