I've got a problem with an absolutely positioned <div> in IE7 where it's breaking the list right in the middle. I've tried just about everything I can think of to get the 3 elements aligned but I can't get it working in IE7.
The <span> (and I've tried it as a <p>) always wraps down in IE7 as it's the last member of the div. You can see it for yourself at: http://lifeproject.amdesign.com. It's in the lower right hand corner.
Give a width to ul#footer_links. It would solve your problem. IE7 keep width maximum when element is floated
I added this rule and it fixed:
ul#footer_links{width:140px}