Gulf Coast All-Hazard Readiness Act of 2007 - Grants congressional consent to any number of the Gulf Coast states (Alabama, Florida, Louisiana, Mississippi, and Texas) to negotiate and enter into an agreement or compact that: (1) is consented to by the legislatures of the participating states by December 31, 2010; (2) is entered into primarily to establish a plan for all-hazard mitigation, readiness, response, and recovery; (3) establishes a multi-state all-hazard fund generated by participating states to be utilized when a disaster affects those states; (4) requires states to appoint commissioners to organize the operation, management, and disbursement of the fund; and (5) prohibits participating states from taking action prohibited by federal law.