From the blog post entitled Your 'wait' is over on the Office Live team blog we learn

Since we debuted our waitlist for the Microsoft Office Live Beta back in November 2005 we have had over 275,000 customers sign-up in our Beta waitlist, and we thank each and every one of them for signing up. But what we’ve heard over and over is: please don’t make me wait in a list; I want to try Office Live NOW!! So, good news to everyone who hasn’t already gotten a product key, your wait is over (maybe before it even started!)

We have dropped the requirement of a product key from our signup! The Beta is still only open to US residents for now, but ANY US resident with a valid credit card can sign up for the Beta and experience Office Live! All you need to do now is pick your product (Basics, Collaboration or Essentials) and pick your domain. So head over to www.OfficeLive.com now to get your Beta subscription started.

If you've been curious about Office Live and have balked at checking it out due to the waiting list, now's your chance. Let the product team know what you think.