Just elaboration on PhilD's reply...
Office consists of numerous components - the 4 primary apps being only a few
of them. The Office updates affect only certain of those components and only
those directly modified by the update will reflect a change to its version
number. If you look at Excel's Info for example you'll see that it's still
at 11.3.7, PPt & Entourage show even lower version numbers. One way to
confirm the update is to go into the MS Office 2004 folder where you'll find
another folder named Updater Logs. There you'll find a list of the updates
that have been applied (text files).
HTH |:>)
Bob Jones
[MVP] Office:Mac