The original expression can be simplified as follows:

First, we will simplify each term one by one:
1. $0.064^{- \frac {1}{3}}$ can be rewritten as $(0.4^3)^{- \frac {1}{3}}$, since $0.4^3 = 0.064$. By the power of a power property, this simplifies to:
$$(0.4^3)^{- \frac {1}{3}} = 0.4^{-1} = \frac{1}{0.4} = \frac{10}{4}$$

2. $(- \frac {7}{8})^0$ is a zero exponent, which means any non-zero number raised to the power of 0 is 1:
$$(- \frac {7}{8})^{0} = 1$$

3. $16^{0.75}$ can be expressed as $(2^4)^{0.75}$, because $16 = 2^4$. Using the power of a power property, we get:
$$(2^4)^{0.75} = 2^{4 \times 0.75} = 2^3 = 8$$

4. $0.25^{\frac {1}{2}}$ is the square root of 0.25, which can be written as $(\frac{1}{4})^{\frac {1}{2}}$, noting that $0.25 = \frac{1}{4}$. Now we compute the square root:
$$(\frac{1}{4})^{\frac {1}{2}} = \frac{1}{2}$$

Now let's add these results together:
$$\frac{10}{4} - 1 + 8 + \frac{1}{2}$$
Rewriting $\frac{10}{4}$ as $2.5$ and combining like terms, we have:
$$2.5 - 1 + 8 + \frac{1}{2}$$
$$= 1.5 + 8 + \frac{1}{2}$$
$$= 9.5 + \frac{1}{2}$$
$$= 10$$

Therefore, the simplified form of the original expression is:
$$\boxed{10}$$