There appears to be a bug in MOSS 2007 when you use site columns with hyphens in the name of calculated fields.
This only seems to occur with site columns, not in custom list columns (created in the list, not from site columns).
Here is an example - I have a custom list with a column named Test-Field (defined as Number, although it doesn't matter). Then I create another column named DoubleIt, defined as [Test-Field]*2.

Then I edit the properties of the DoubleIt field and it shows me my original formula: =[Test-Field]*2. Looks good.

Now instead, I want to create Site Columns. I create a site column named Test-SiteCol (again defined as Number, but doesn't matter). Then I create another site column named SiteDoubleIt, defined as [Test-SiteCol]*2.

Then I edit the properties of my new SiteDoubleIt site column that I just created (above) and it shows the formula: =#NAME?-#NAME?*2 !!!

Yikes! It strips out the [ ] delimiters and appears to view the hyphen as a minus operator and thinks each side of the hyphen is an invalid column name reference.
So... don't use hyphens in site column names if you plan on ever using them in calculated columns.