I have just used this procedure which I found on Steve Graegerts blog (http://graegert.com/) & it work perfectly:

WSS 3.0 and MOSS 2007 can only be installed with Service Pack 1. You need to download WSS 3.0 including SP1 not WSS 3.0 & SP1. You cannot download MOSS 2007 with SP1 included so we will have to slipstream the installation.

In order to allow MOSS 2007 to be installed on Windows Server 2008 we have to provide the necessary updates prior to installation. Here is how it can be done:

1. Copy all installation files from you MOSS 2007 CD/DVD to a temporary directory (i.e. D:\Temp\moss).

2. Copy both the WSS 3.0 SP1 and MOSS 2007 SP1 to another temporary directory (D:\Temp\sp1)

3. Next, we need to copy all files inside the SP1 archives into the MOSS 2007 Updates directory usually located at \x86\Updates depending on your platform:

1. Open a console (Start > Run > Enter: cmd) and navigate to the SP1’s temporary directory
cd D:\Temp\sp1

2. Extract both archives to the Updates directory using the following commands:

officeserver2007sp1-kb936984-x86-fullfile-en-us.exe /extract:D:\temp\moss\Updates

wssv3sp1-kb936988-x86-fullfile-en-us.exe /extract:D:\temp\moss\Updates

You will find all extracted files in the Updates directory.

4. Start the MOSS 2007 installation as normal and follow the instructions.

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