To solve this problem, we first need to simplify the equation:

3 3/8 - 1/8 = 3 + 3/8 - 1/8
= 3 + 2/8
= 3 + 1/4
= 3 1/4

Next, we need to subtract 5/14 from 3 1/4:

3 1/4 - 5/14 = 3 - 1/4 - 5/14
= 2 + 3/4 - 5/14
= 2 + (42/56) - (20/56)
= 2 + 22/56
= 2 + 11/28
= 2 11/28

Finally, we need to multiply the result by 7:

2 11/28 7 = (2 + 11/28) 7
= 14 + 77/28
= 14 + (77/28)
= 14 + (2 21/28)
= 16 21/28

Therefore, 3 3/8 - 1/8 - 5/14 * 7 equals 16 21/28.