Different version of LabVIEW can peacefully co-exist on a PC. The different versions will get installed in their own directories under the main National Instruments directory. You should also uninstall old DAQ drivers and install the latest available for your newest version of LabVIEW. That will contain drivers for earlier versions as well. I currently have LabVIEW 5.1, 6.0.2, 6.1, 7.0 and 7.1 installed.
Toolsets can be a problem as some of them will only allow you to install in a single installation of LabVIEW, so you must manually copy the tools to other versions installed. Ed