I have a 97 yzf R7 and the plastics I got with it suck.. and are pretty much ruined.. and I got work from another that I could put R1 plastics or new R7 plastics on it?.. any truth to that? and how??

Both R1 and R7 body work will fit the yzf 750. If you want the easy route i would opt for R1 because it will be much easier to source a headlight unit.
Both options obviously improve the looks but its not just an easy swap. More or less every fairing mounting bracket has to be custom fabricated. This is not the hard bit providing you can weld. The real headache comes when you try and get a rad to fit. This was probably more difficult for me because i have a 1040 lump in my 750 frame meaning the cylinders sit higher making a choice of rad even more complex.
I have had a custom rad made for me to fit within my R7 fairings.
If you are going down the R7 route i would strongley advise sourcing a headlight unit before going ahead with the conversion to aviod ending up in the same position as me!

Your next head ache will be the rear subframe.... You can alter the exsiting subframe to fit an r1 or r7 unit. In my experience it is much easier to cut your old subframe away and weld on a complete r1 unit. This saves a lot of hastle.

It is quite alot of work and you should probably consider whether it is worth keeping the same bike or whether it would be better considering an r1 or r6. Unless like me you have very special reasons to keep the yzf 750 it might be too much to take on.

SharkSkinz - YZF 750 R7
(http://www.sharkskinz.com/shopdisplayproducts.asp?id=54&cat=YZF+750+R7)