Windows Live – Office Web Apps are a go!
Do you work with documents? Maybe Word, Excel, PowerPoint, and/or OneNote documents? Would you like to be able to create and edit these documents without having to pay for new versions of Microsoft Office and without having to worry about upgrades and security patches?
Have you ever want to securely share these documents or back them up in some online location? Would it be helpful if you had an online location to save documents, photos, music files, etc. Would 25 gigabytes be a good start?
Wouldn’t it be even better if this was all free? 
Ladies and Gentlemen, it’s all here now! Go to http://Office.Live.com (same as http://SkyDrive.Live.com) and check out the really fantastic capabilities for document editing and sharing. Create folders and define who can access the contents of those folders. Upload documents into those folders or use the online web apps to create new ones.
This is seriously the best value in consumer computing out there right now – blows the pants off of Google Docs! Go check it out!
For more information from the Microsoft team check their blog post announcing that Office is now live on SkyDrive