You can create Document Workspaces for documents that are in progress.
By using Document Workspaces, you can more easily communicate and collaborate with others about a particular document.
When using the 2007 Microsoft Office suite Shared Workspace task pane, you have access to information directly from a SharePoint site and are able to update that information directly within the 2007 Microsoft Office suite.
You can create a document library from an existing document in a document library so that you can use the Publish To Source Location feature to update the original document with the latest version.