The above formula works in 2007 too. When you format your list as a table make sure that your table is called "List1".
To rename your table, select the entire range of you table, Click Design under Table Tools (the new tab that shows up in 2007), Change the name of the table to List1 under Properties>Table Name (first from left)
You should be able to convert your table into a range, same as 'Convert To Range' under Tools. But it does retain the color format you chose when formatting your range as a table. But you can use a simple macro to get rid of the colors too.