If I download New Final Cut Pro X ... Will I Still be able to use my Final Cut Pro 7.0.3?

If the answer is yes how do I separate them?  Can they both be in my applications folder?  I just want to try the new program.
I have one more  question ... Will the New Final Cut Pro X be able to use some of my old footage NTSC DVPro 720x480?
Thank You
roger

The answer is yes to all your questions.
Final Cut Studio gets moved to its own subfolder inside Applications.

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