It was a year when Wall Street bet big, and didn't always win: While Rupert Murdoch's aggressive bid for Dow Jones adds the Wall Street Journal to his media stable, the heads of private equity firm Blackstone might be thinking twice about their summer IPO, as the slumping market has driven its stock down nearly 40%. Outside the boardrooms, it was a year when big things came in smaller packages: Apple's new iPhone — TIME's Invention of the Year — led early adopters everywhere to toss out their iPods, cellphones and BlackBerrys in exchange for one slim, do-it-all device. And the most sensational sports play of the year — maybe of the decade — came not from the World Series or the Super Bowl but from a Division III college football game. Here are the best deals and the biggest flops, the hottest tech toys and the most magical sports moments of 2007.