Compute
\[\left( 1 + \cos \frac {\pi}{8} \right) \left( 1 + \cos \frac {3 \pi}{8} \right) \left( 1 + \cos \frac {5 \pi}{8} \right) \left( 1 + \cos \frac {7 \pi}{8} \right).\]
First, we have that $\cos \frac{7 \pi}{8} = -\cos \frac{\pi}{8}$ and $\cos \frac{5 \pi}{8} = -\cos \frac{3 \pi}{8},$ so
\begin{align*}
\left( 1 + \cos \frac {\pi}{8} \right) \left( 1 + \cos \frac {3 \pi}{8} \right) \left( 1 + \cos \frac {5 \pi}{8} \right) \left( 1 + \cos \frac {7 \pi}{8} \right) &= \left( 1 + \cos \frac {\pi}{8} \right) \left( 1 + \cos \frac {3 \pi}{8} \right) \left( 1 - \cos \frac {3 \pi}{8} \right) \left( 1 - \cos \frac {\pi}{8} \right) \\
&= \left( 1 - \cos^2 \frac{\pi}{8} \right) \left( 1 - \cos^2 \frac{3 \pi}{8} \right) \\
&= \sin^2 \frac{\pi}{8} \sin^2 \frac{3 \pi}{8} \\
&= \sin^2 \frac{\pi}{8} \cos^2 \frac{\pi}{8}.
\end{align*}By the double angle formula,
\[2 \sin \frac{\pi}{8} \cos \frac{\pi}{8} = \sin \frac{\pi}{4} = \frac{1}{\sqrt{2}},\]so $\sin^2 \frac{\pi}{8} \cos^2 \frac{\pi}{8} = \left( \frac{1}{2 \sqrt{2}} \right)^2 = \boxed{\frac{1}{8}}.$
First, we have that $\cos \frac{7 \pi}{8} = -\cos \frac{\pi}{8}$ and $\cos \frac{5 \pi}{8} = -\cos \frac{3 \pi}{8},$ so
\begin{align*}
\left( 1 + \cos \frac {\pi}{8} \right) \left( 1 + \cos \frac {3 \pi}{8} \right) \left( 1 + \cos \frac {5 \pi}{8} \right) \left( 1 + \cos \frac {7 \pi}{8} \right) &= \left( 1 + \cos \frac {\pi}{8} \right) \left( 1 + \cos \frac {3 \pi}{8} \right) \left( 1 - \cos \frac {3 \pi}{8} \right) \left( 1 - \cos \frac {\pi}{8} \right) \\
&= \left( 1 - \cos^2 \frac{\pi}{8} \right) \left( 1 - \cos^2 \frac{3 \pi}{8} \right) \\
&= \sin^2 \frac{\pi}{8} \sin^2 \frac{3 \pi}{8} \\
&= \sin^2 \frac{\pi}{8} \cos^2 \frac{\pi}{8}.
\end{align*}By the double angle formula,
\[2 \sin \frac{\pi}{8} \cos \frac{\pi}{8} = \sin \frac{\pi}{4} = \frac{1}{\sqrt{2}},\]so $\sin^2 \frac{\pi}{8} \cos^2 \frac{\pi}{8} = \left( \frac{1}{2 \sqrt{2}} \right)^2 = \boxed{\frac{1}{8}}.$
The final answer is $$\frac{1}{8}$$. I hope it is correct.