You can install both version on your Windows 7 (but only one version i.e
latest version will work) and both will pass the verification test because
it is likely you haven't installed it on any other machine within the last
12 days. Microsoft normally wipes its records that are created within the
past 120 days so no record exists for your particular serial number. In any
case there is always a telephone method to pass the verification test and
these telephonists are very nice people indeed if you are nice to them.
I suggest try with Office 2003 and if you are happy with it then you can
stay with it or you can then install Outlook 2007 which will remove 2003 but
keep all your emails and settings.
hth