Prevention Resources for Eliminating Criminal Activity Using Tailored Interventions in Our Neighborhoods Act of 2007 or the PRECAUTION Act - Establishes the National Commission on Public Safety Through Crime Prevention to: (1) carry out a comprehensive study of the effectiveness of certain crime and delinquency prevention and intervention strategies: and (2) make initial and final reports on such strategies to specified federal and state officials. Exempts such Commission from the Federal Advisory Committee Act.

Authorizes the Director of the National Institute of Justice to make three-year grants to public and private entities for the implementation and evaluation of innovative crime or delinquency prevention or intervention strategies.

Amends the National Aeronautics and Space Administration Authorization Act of 2005 to reduce FY2008 funding for the National Aeronautics and Space Administration (NASA).

Prohibits the NASA Administrator from carrying out the Red Planet Capital Venture Capital Program during FY2008-FY2012.