We present a comprehensive study of the total X-ray emission from the colliding galaxy pair NGC2207/IC2163, based on Chandra, Spitzer, and GALEX data. We detect 28 ultra-luminous X-ray sources (ULXs), 7 of which were not detected previously due to X-
ray variability. Twelve sources show significant long-term variability, with no correlated spectral changes. Seven sources are transient candidates. One ULX coincides with an extremely blue star cluster (B-V = -0.7). We confirm that the global relation between the number and luminosity of ULXs and the integrated star formation rate (SFR) of the host galaxy also holds on local scales. We investigate the effects of dust extinction and/or age on the X-ray binary (XRB) population on sub-galactic scales. The distributions of Nx and Lx are peaked at L(IR)/L(NUV)~1, which may be associated with an age of ~10 Myr for the underlying stellar population. We find that ~1/3 of the XRBs are located in close proximity to young star complexes. The luminosity function of the X-ray binaries is consistent with that typical for high-mass X-ray binaries, and appears unaffected by variability. We disentangle and compare the X-ray diffuse spectrum with that of the bright XRBs. The hot interstellar medium dominates the diffuse X-ray emission at E<1 keV, has a temperature kT=0.28 (+0.05/-0.04) keV and intrinsic 0.5-2 keV luminosity of 7.9e+40 erg/s, a factor of ~2.3 higher than the average thermal luminosity produced per unit SFR in local star-forming galaxies. The total X-ray output of NGC2207/IC2163 is 1.5e+41 erg/s, and the corresponding total integrated SFR is 23.7 Msol/yr.
