track changes in Sharepoint

Hello:
Is it possible to track changes to all docs on a Sharepoint site? I am not
referring to "versioning" which allows you to see multiple versions. I want
to know if there is something I can select/turn on in the settings that will
enable me to track the nitty gritty changes that someone makes when they edit
or check out a document. In this way, it would be similar to the way Word can
track changes: color coding, strikethroughs, side comments, etc.

Thank you!

The Auditing feature of Office SharePoint Server 2007 can now be configured

The Auditing  feature of Office SharePoint Server 2007 can now be configured
to log actions on sites, content, and workflows. For more information, see:

Office online information about information management polcies, of which
Auditing a part:
http://office.microsoft.com/en-us/sharepointserver/CH100948701033.aspx

Records Management blog about auditing:
http://blogs.msdn.com/recman/archive/2006/07/28/681298.aspx

I hope this help.

Thanks,

Brian Granowitz
Technical Writer
Office SharePoint Server
Microsoft Corporation