Word 2007 doesn't have this by default.
But there are few ways to do this:

After you are done in Word 2007, save it as a Word document.
Now open PowerPoint 2007.
Click on the Office Button at the top left hand corner.
Click Open.
Under Files of type, select All Outlines.
Now select the Word document and click Open.

Alternately,
In Word 2007, right click on the ribbon.
Select Customize Quick Access Toolbar.
Under "Choose commands from:", select Commands not in the ribbon.
Look for "Send to Microsoft Office PowerPoint".
Click Ok.
The command will then be added onto the Quick Access Toolbar (QAT).