You should still be able to access the network shares, regardless if the machine is joined to the domain or not. There are some management things you wouldn't be able to do though (i.e. tell it to run a login script, or lock it down with a group policy)...well, without at least sitting at the machine and gaining an admin priv somehow.
You would need to create a user account on your DC and when this rogue machine (your Win 7 Home machine) tried to access the share, the individual would need to provide the account and password (created on the DC) when challenged
What about Windows XP Pro computers... can they work with Server 2008?
The accounts are not OS specific, so it doesn't matter what OS you're running, you could still log into the domain so long as you have an account there...although MS OSes will play a little better over say OS X or Linux.