Digital BW, The Print

When I upgraded from Photoshop "Elements" to PS7, I mistakenly
thought that I would have all the features of "Elements" PLUS
the advanced features of PS7...  NOT!

The absence of Photo Stitch is just one more disappointment.

Is it possible to have Photoshop "Elements" and PS7 installed 
together on the same computer without problems?  There are
times when I would be more comfortable working in "Elements",
even if it has to be in 8 bit mode.

BTW, I'm running XP Home Edition on a Pentium 4 machine.

Thanks,
Steve T.