I have not been using Excel 2007, but in previous versions of Excel I really hate the SQL Query integration. In particular I found it hard to do exactly what you ask about without resorting to hacking together a bunch of VBA code. I did some research and finally decided to use Rob Van Gelder's Excel query add in:
http://vangelder.orconhosting.net.nz/excel/queryeditor.html
The 'parameters' section in his GUI allows you to set up a parameter and have the utility either prompt the user for the value or pull the value from a cell reference. I believe the latter is exactly what you want to do. It also has the ability to auto-refresh when a cell value changes. I use the auto refresh function a lot when validating data in my DB.
I have had a couple of situations where my queries became corrupt and I could no longer open them or see the text. As a result, I recommend keeping a tab in the excel spreadsheet for your queries and copying the text of the queries into cells on that special page. That way if the query tool eats your queries you won't have to rebuild them from scratch.
A third party tool, albeit free, might not be what you are looking for, but it works well for me. Good luck!