The new feature added to Word 2007 are Building Blocks. A Building Block is any combination of text and images or objects saved into one "block" to be inserted later. The purpose is to create a one time collage of text and images to be inserted over and over again quickly, without having to recreate it over and over again in Word. It's like a Style, but with attitude i.e. you can't add images to your Styles. Quick Parts feature is used to capture your collage of text and images into one building block. So select all your items, click on Insert Tab, to Text group and click Quick Parts button to Save Selection to Quick Parts Gallery - to save your Building Block.

Purchase the training video and you can see this in action for yourself!