If this is to install only for the current user and that user has admin privilages then your job is relatively easy.
For Office 2007, put the required assemblies, application manifest and VSTO deployment manifest (.VSTO) files in the merge module and add the registry entries described in this article:
http://msdn.microsoft.com/en-us/library/bb386106.aspxOffice 2007 uses ClickOnce for deployment so what you are doing is deploying all the required files to the install folder then using that as the ClickOnce folder. When the Office app runs, it reads a registry entry that points to your .VSTO file containing all the information it needs to perform a ClickOnce deployment. The assemblies will then be copied to a cache in the user profile.
For Office 2003, there is no .VSTO file and the above link tells you what registry entries you need.
Pete
Xenacode Ltd