Hazardous Materials Cooperative Research Act of 2007 - Authorizes the Secretary of Transportation to obligate for each fiscal year certain hazardous materials transportation funds to develop and administer a hazardous materials cooperative research program. Directs the Secretary to establish an independent governing board to select cooperative research projects and studies of hazardous materials transportation to be carried out under the program that will yield results immediately applicable to risk analysis and mitigation or that will strengthen the ability of first responders to respond to accidents involving the transportation of hazardous materials.