It is possible to install both. LabVIEW 7 does not install to the same
location as an older version. The one thing that will get overwritten
is hardware drivers (i.e. NI-DAQ and NI-GPIB). I've had no problems
with older versions of LabVIEW and new versions of NI-DAQ and I think
you'll be okay with NI-DAQ as well but I've had less experience with
that.

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