Attached Link: Saving, Loading and Reusing Layer Styles in Photoshop

I can't remember PS7 precisely but I don't think things have changed.

See from step 9:

http://www.photoshopessentials.com/basics/saving-layer-styles/

I don't have Photoshop installed on my main drive and have had no problems with it.

Edit to add: Everything including patterns, brushes etc. are saved in the same way.