You can modified the locations displayed in the Places Bar when you want to
open or save a document.When you decrease the size size of the icons
(see :- Places Bar Shortcut Size In Office - to this)
you gain place in the Places Bar for additional locations.
To add a custom location navigate to:

- HKEY_CURRENT_USER\Software\Microsoft\Office
\VERSION\Common\Open Find\Places\UserDefinedPlaces\

Note:VERSION = 9.0 (Office 2000) , 10.0 (Office XP) ,
11.0 (Office 2003) ,12.0 (Office 2007)

Create here a new subkey for each location you want to add.
Name the key / keys : Places1 , Places2 and so on.

Name (as REG_SZ [String value]
Path (as REG_SZ [String value]

Doubleclick the Name entry and set it's value to the name you want to have
displayed in Places Bar.Doubleclick Path and set it's value to the path of
your desired location.

Note:This applies to all Office Versions back to Office 2000.I tested it with
Office 2007.Works fine.         Close registry and restart Office!