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May I know if it is possible to set the retention period for documents in document library, items in SharePoint list and form in Form library without using the 'Information Management Policy Settings' or any functions/options that require the use of a Administrator account (and it can help to retain those document that is created, not based on last modification date , but based on the creation date, within a certain period)?

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You could use the Records Center site template: http://technet.microsoft.com/en-us/library/cc261706(office.12).aspx

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Hi John, I make some changes to my question to make it clearer. Please refrain from using account with site administrative rights to perform actions with regards to the retention period. Thanks. –  Larry Morries Oct 12 '11 at 8:20
    
To manage any out of the box retention policy features in 2007, the user needs elevated privileges to the site. For anything else you'd need to look for a third party solution. –  John Chapman Oct 12 '11 at 13:23
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