Hi msternin,
Usually, the certificate is separated into two parts. One is the public portion which contains the public key. The other is the private portion which contains the private key. The public portion is on the server (i.e. in the Active Directory) and is retrieved by the email client to encrypt the message. The private portion is kept by yourself (can be in the certificate store of the client machine or in the smart card) and is used to sign the message or decrypt the message.
So as for you question, the answer is 'yes'. The private portion of the certificate can be installed on a client machine running Outlook 2007. Outlook 2007 and OWA 2007 can use the same certificate to secure your email.