a date is a number. for instance, 1/1/2011 is 40544. So all dates you are entering would be bigger than 365, unless you are entering dates from the year 1900.
In 2007/10, when you set the criteria for conditional formatting you want to select the "use a formula to determine which cells to format" which is similar to the requirement for 2003.
Then you need to work out a formula that will drive a TRUE/FALSE answer. in this case, I suggest:
=TODAY()-cell>365
where "cell" would be the active cell in the range you have selected e.g. if you select column B and Cell B2 is highlighted then it would be B2.
walla, great it worked. i did start playing with =today() last night but could not get it right. i tried using +365, -365 but never thought of using the greater than. dah