Here you go. I'd quote it, but it includes pictures, so it'd be easier for you to just go to the site yourself.
I really don't know why profs insist on Times New Roman as the only accepted font. It's horrible, to no end. IMO, serifs do not make type more easily readable! And even if they do it's not a noticeable difference, they're ugly, and they make the type seem cluttered.
Personally, the most elegant of fonts (while retaining legibility) are Helvetica, Trebuchet MS, Lucida Grande, and yes, Calibri.
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EDIT: I forgot about spacing. Try right-clicking on a document, select 'Paragraph', and choose your preferred settings. See if there's a 'Use Default' button, or something to that effect. Click it.
I'm not too sure about that last one though, 'cuz I use Office for Mac 2011. Haven't used Word 07 in a couple of months.