No, each framework is independent of the other. And because of that, if you have an application running built against a
particular framework ( 1,0,1.1, or 2.0) then you need that particular version of the framework on the system in order for it to
continue to function. The only thing you can do is to load the solution into the newer version of Visual Studio that works with
the new framework( essentially upgrading it) and recompile it with the newer version of the framework.
Also, be aware that once you import a solution from a previous version, it will not work in the previous development
enviroment..(an application originally built with VS2002 and then upgraded/imported to
VS2003). So, it is a good idea to make a copy of your project to work with for an upgrade and keep your original code elsewhere.
james