The report creation wizard will not launch for me when I try accessing it from both the View menu and from an attribute table. I am able to open a saved report template though. This seems like it is a Windows 7 issue since the wizard does launch under Windows XP. Or it could be a 64bit vs 32bit issue.
This has been reported in the ArcGIS blog Working with Reports in ArcMap, Part I-Getting Started.
I actually ended up doing the task using Mail Merge in Word 2007. It was so easy to format it together from an exported attribute table - I'd definitely do this again, even if I could get the report wizard to work.