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There are are two types of explanations regarding the Last Seven Years: a simple one and a complicated one. For now, I'm going to give the simple explanation and eventually I plan to add more to this page.
According to a prophecy in Daniel, the 7 years before the return of Christ is marked by a major event in the Middle-East. That event is when the Jewish orthodoxy begins sacrificing in the newly rebuilt Temple. This is the temple that was destroyed in 70A.D. (a prophecy given by Jesus shortly before His crucifixion)
The beginning of this 7 year period could possibly take place when the religious Jews are allowed to start sacrificing in the newly rebuilt temple.
In a prophecy given by Christ (see (Matthew 24)) he says, "When you shall see the abomination of desolation spoken of by Daniel the prophet, standing in the Holy place (the Holy of Holies in the temple)...then shall be great tribulation such as was not since the beginning of the world to this time, no nor ever shall be." (Matthew 24:15, 21)
This prophecy in Daniel is covered on this website.