I upgraded to OS X Lion and discovered that my MS Office 2004 was incompatable. Found out that Office 2011 is needed for 64 bit OS X Lion. Amazon charges $121.85 for family pack and $99.99 single license.
The purchase was smooth. Paid online, downloaded the program from microsoft and it ran in trial, 30 day mode. I received the email with activation keys within 8 hours and activation was successful. Hopefully this post will save other time researching the issue and money solving the problem.