Can Final cut pro 7 and Final cut X live together

I just spoke to one of my friends who installed Final cut pro X and told me that it basically crushed his version of 7. My idea here was to install final cut X to start learning the new workflow and keep my version of Final cut 7 for compatibility issues. Question is can these two live together on the same machine?
Please note my friend is the type of guy that if he does not see the software icon in the dock it basically does not exist.
Thank you in advance everyone

You can read the official Apple best practice guide here:
http://support.apple.com/kb/HT4722
MtD

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