Yes, there is.

Select the box that you want to move up during the presentation.

Hmm. I bet my explanation won't match 2007. Let me check for a video.

Try this one: https://www.youtube.com/watch?v=Wjk85MQNRHo
Watch the intro to see if it's close enough to the effect you want. The animation part starts at 3:25.

FYI: The way I found this YouTube video was to search for PowerPoint 2007 animations.

Best of luck!