Thanks to Patruus of the Google Latin group for this:
The Latin oration starts at 1:09:45 of this 2¾ hour video (RealPlayer required): http://video2.harvard.edu:8080/ramgen/pluto/Commencement2007AMArchive.rm but my dial-up connection has thus far thwarted my attempts to view it.
My own broadband makes it easy to watch, and the young man, Charles Joseph MacNamara, does excellently. He ends at 1:17:35