Wallowa Lake Dam Rehabilitation and Water Management Act of 2007

Wallowa Lake Dam Rehabilitation and Water Management Act of 2007 - Authorizes the Secretary of the Interior, acting through the Commissioner of Reclamation, to provide grants to, or enter into cooperative or other agreements with, tribal, state, and local governmental entities and the Associated Ditch Companies, Incorporated (ADC) (nonprofit corporation that operates the Wallowa Lake Dam) to plan, design, and construct facilities needed to implement the Wallowa Lake Dam Rehabilitation Program.

Directs the Secretary, as a condition of providing funds, to ensure that: (1) the Rehabilitation Program and any activities under this Act meet the standards of the dam safety program of Oregon; (2) ADC agrees to assume liability for any work performed or supervised with such funds; and (3) the United States shall not be liable for damages arising out of any act relating to a facility rehabilitated or constructed with such funds, regardless of whether the damages arose during or after the rehabilitation or construction.

Limits the federal share of the cost of activities authorized under this Act to 50%. Prohibits crediting against the federal share: (1) any expenditure by the Bonneville Power Administration in the Wallowa River watershed; or (2) expenditures made by individual agricultural producers in any federal commodity or conservation program. Requires the Secretary, in carrying out this Act, to comply with applicable Oregon state water law. Prohibits the federal government from holding title to, or being responsible for the operation and maintenance of, any facility rehabilitated or constructed under this Act.

Declares that activities funded under this Act shall not be considered a supplemental or additional benefit under federal reclamation law.

Authorizes appropriations.

Terminates the Secretary's authority to carry out this Act 10 years after its enactment.