You can install Microsoft Office 2003 and 2007 on the same PC. Just a few things that need to know. Outlook will not work on both so either use Outlook 2003 or 2007. You should install Office 2003 first and then 2007. Make sure you run a custom install for 2007 and specify to not remove previous versions. Best would to select remove only Outlook. I also installed them in separate folders.
One thing that will probable arrise is when you open Word in 2003 and then 2007 you will get an installation box to come up. I found this on the Internet to fix the installation box. The main gist of the fix is run the following from a start-run command prompt:
reg add HKCU\Software\Microsoft\Office\11.0\Word\Options /v NoReReg /t REG_DWORD /d 1
reg add HKCU\Software\Microsoft\Office\12.0\Word\Options /v NoReReg /t REG_DWORD /d 1
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