Lion does not support PowerPC applications

Hello,
I am using Microsoft Office for Mac 2004 to create Microsoft Word and Excel files. Since installing Mac OS X Lion 10.7 and Open Office 3.3.0 I have been receiving an error message whenever I open a Microsoft Word file stating that Lion does not support PowerPC applications.
I would like to know if Open Office is developing a program that lets Microsoft documents be read by the Lion Operating System. Also, is it possible to map Microsoft Office documents with the Lion Operating System so that they can be opened and read?
I appreciate any feedback.
