I have a BES SB edition 4.0.0 running no service packs.

-Do I need to start from SP1 and work my way up to SP 7
(I suspect this is the case I just want to make sure)

-Do I need to work my way up the MR's as well or can I just install the latest one.

I'm sure this has been asked before, but my searchfu is weak, as I could not find an existing thread.

SPs are cumulative. You can install SP7 directly... as it contains all of the fixes in the prior 6 packs.

Same with MRs.

Any reason you're not upgrading to 4.1? 4.0 is no longer supported by RIM.