Microsoft has released a new Office Live add-in for Microsoft Office 2003 and 2007 that adds a new menu option to open and save documents directly from Microsoft Office Word, Office Excel, and Office PowerPoint to Microsoft Office Live Workspace beta. Office Live Workspace is an online place to store, access, and share documents with others.

The Office Live Add-in will install new menu options in Microsoft Office 2007 and a toolbar in Microsoft Office XP and Microsoft Office 2003. You will be able to open documents located in Office Live Workspace directly from Microsoft Office Word, Office Excel, and Office PowerPoint. You will also be able to save files directly from Microsoft Office Word, Office Excel, and Office PowerPoint to your Microsoft Office Live Workspace.

This toolbar has three buttons: Go to Office Live, Open, and Save. When you use one of these commands for the first time, you will be prompted to log in to Microsoft Office Live using your Windows Live ID. Then, you will see a list of your workspaces as well as the workspaces that have been shared with you on Office Live.

Download Office Live Add-in for Microsoft Office 2003 and 2007 Beta from here

As per LiveSide, Office Live Workspace Beta would begin in December and would offer free storage upto 500MB to store documents.