From the official site, the below are the things you can do with Office Live Workspace and it is all free!
Access files from anywhere
- Access documents from almost any computer with a Web browser
- No more flash drives—documents are there when and where you need them
- Password-protected sharing; you control who can view and edit your work
- Save over 1,000 Microsoft Office documents in one online place
- Open and save files from familiar programs like Word, Excel, and PowerPoint
- Synchronize contact, task, and event lists with Outlook
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