In Office 2003, if I remember correctly, you had the option "macro recording".
In PowerPoint 2007, under View> Macros, you get a macro window. None of the options is a “record”. If you enter a name, you can choose to create, but this will lead you to the VB editor. If you edit the slide manually, it does not generate VBA code.
You are not able to determine the VBA code using the keystroke / mouseclicks / whatever.
It seems you are out of luck. What happened to the macro recorder?
Since then I read:
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The recorded keystroke operation does not work, it creates an empty macro with very few (usually nothing!) Valid actions that you performed.