If you are wanting music/sounds when going through team screens, fixtures, transfers screens etc theres no way to edit this as the music and sound will be hard coded within the game engine, cues will be set within the game to trigger particular sound banks/wav files.
Currently in game the only sounds are when you're playing a match, like Coolsvil said if you navigate to the sound folders you will see the list of all the wav files, you can attempt to create your own and name them the same to replace them, but looking at it there doesnt seem a way to add your own additional sounds in, as there would be no way to code in the factors to bring the cues in and out in relation to whats happening within the match.
There are alot of wav editors out there that you can use to create sounds such as adobe audition, soundforge .. theres a free one called rapter which is mean to be good, though i do tend to stick with cubase/reason myself.
when creating your own sounds there may be certain things you would have to be careful about, dependant on the way its be coded and the audio API it uses files sizes and wav lenghts may be required to be the same, you can determine this by trial and error. Also be careful about the audio codec you use, though it says its a wav file, thre are various wav codecs out there, I know from experince from using Microsofts XACT api that its very picky over the exact wav codec to use, this may or may not be the case with FM2007.
Any more help on music/sound for computer games just ask.
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