You can view it as a pdf here.

The report contains a full rundown of ICANN and its work, including information on its mission, values and structure; messages from retiring chairman Vint Cerf, incoming chair Peter Dengate Thrush, and president and CEO Paul Twomey; a section demonstrating progress on the completion of the Joint Project Agreement with the United States government; a run-through of this year’s international meetings, as well as the work carried out by the different supporting organisations and advisory committees; a section on ICANN’s Strategic Plan and Operating Plan; a section on ICANN’s different divisions; and finally the annual report from ICANN’s auditors and a glossary of terms.

In short, if you want to know what ICANN is, does and has done in 2007, it is all here in 62 pages.