Selecting which object to align to in Powerpoint 2007

This is possible. You have to manually edit the indentation and tab rules for the TOC style that you want to modify.

1. Open the Styles pane.
2. Right-click the style that you want to modify.
3. Click Modify...
4. Click the Format >> Paragraph...
5. In the Indentation section change the Right indentation level to the position where you want the text to wrap to the next line.
6. Click the Tabs... button.
7. Enter a tab stop at the position where you want the page number to be right-aligned (past the indentation position that you just set).
8. Set the Alignment to right.
9. Set the desired Leader character. (optional)
10. Click Add.
11. You may need to remove the previous tab position by selecting it from the list and clicking Clear.
12. Click OK.

MS PowerPoint can be counter intuitive. This is one such situation.

Forget about unchecking 'Align to Slide', instead check 'Align to Selected Objects'.

'Align to Slide' and 'Align to Selected Objects' toggle with each other. I.e. When one is on, the other is off.

Don't want snapping or want more fine control? Select an object --> Drawing tab --> Align --> Grid settings. Uncheck snap to grid or change grid size.