What is the difference between them? ...I mean like if I create a document under MS-Office, what problems could occur if I want to edit it later with ooo.org?
Usually there are only minor formatting errors, if at all. There are some edge cases where using a specific Brand New Feature in Office won't work with OOO/LO and vice-versa, but those are the exception.
The biggest difference is the interface. Someone that is used to Office 2007 will take a while to find their comfort zone with anything beyond the very basic features in OOO/LO.
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It has to be added here - that Word 2007+ - supports .odt (it's a OO/LO file format) - while Word 2003 doesn't.
In my experience - you can interact with both - Word and OO/LO - if and only if - you don't use any fancy formatting features.