Lion works with Mac Office 2008 or later. OS X versions were Office X, 2004, 2008, and the current is 2011. Apple Support Community My Microsoft Office on my mac OSX 10.7.5 (Lion) says

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If you are looking to acquire these versions today, they are primarily available through secondary markets or specific legacy archives:

Activation: The automated online activation servers for Office 2011 are frequently offline or decommissioned. Users may need to utilize telephone activation, though even this service is increasingly limited for older products.

Honestly? feels more secure than Office 2011 on Lion today.