There is no problem with installing multiple versions of LabVIEW on the same computer. I currently have LabVIEW 6.1, 7.0 and 7.1 on my machine.
Since you already have LabVIEW 7.1 on your machine, you will not want to install the driver cd that came with LabVIEW 7.0. Instead, you will want to modify your current driver installs to recognize LabVIEW 7.0.
To modify a driver install:
1. Navigate to the control panel.
2. Double click �Add or Remove Programs�
3. Select National Instruments Software from the list and click �Change��
4. For any driver you need in 7.0, select it from the list and click modify.
5. This will bring up the installer for the driver and will let you install support for LabVIEW 7.0
Regards,
Matt F