OpenOffice.org File Format Compatibility
From Apache OpenOffice Wiki
Is OpenOffice.org compatible with MS Office and StarOffice file formats?
Yes, OpenOffice.org applications can open and save documents in MS Office (from version 6.0 onwards) and StarOffice file formats. OpenOffice.org has its own file format (XML), but you can convert your StarOffice documents and templates into OOo formats using the AutoPilot Documents Converter. Nevertheless, the compatibility is not total. There are Microsoft Office features, such as the old equation fields (not to be confused with the equation objects), which are not read at all by OpenOffice.org.