Hi!
I think the version of my OS doesn't matter that much as the problem occurs on both of mine computers. First: XP SP3, Office 2007, second: Vista, Office 2010.
Some of the fonts work just fine, but some of them, working with no problems in both Excel and Word, don't. I highlight the text, choose a font and nothing happens, it looks the same.

To be more precise, it happens with 'Chiller', 'Bodoni MT', 'Lucida bright', 'Bradley Hand ITC' - to name a few.

I found that Chiller is a MS font, that's why I have no clue what's the cause of this problem.