OK here is what I found out:
P1507 - This code is set when the PCM detects that the idle rpm's are under the desired rate. The possible causes are as follows:
IAC circuit open, Air inlet is plugged, damaged IAC solenoid. From what I read, if the resistance of the solenoid is between 6-13 ohms then it is bad. Disconnect the IAC and look for no change in engine rpm as an indication of a damaged or stuck valve.
In regards to your other code...it would take me a year to explain what that thing is. You would either have to buy the same manual that I have or just take it to Ford and have them check it out. From what little I read, it seems like that might get a little complicated. Sorry I couldn't be more help.