It's perfectly acceptable to have multiple versions of LabVIEW installed. What you'll want to make sure of is to install them in order of increasing version, i.e. install the latest release last. This is because during installation, LabVIEW software will detect the devices on your computer and automatically assign drivers to them. Thus, if you installed LV 7.0 after LV 8.2, it would automatically assign the device drivers associated with LV 7.0 over the more recent, updated drivers that were released with 8.2. This is simply something you might want to be aware of.