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Welcome to the forum.
The short answer is No.
Only since X5 has it been possible to install more than one version and then only for RH HTML. Even with later versions, if you buy an upgrade rather than a full version, the installation will pick this up and either or both versions will not work properly.
To do what you want you would have to buy the full version of RH7 and install it on a separate machine.
You might like to take a look at the RH7 articles on my site. Also see the Before You Install article at http://www.adobe.com/devnet/robohelp
I am using RH X5 for Word, and I want to do a similar thing to what mallomar describes.
My boss purchased RH 7 for me, and I've been testing it on a separate laptop.
My main PC is a desktop, which still has my RH X5 for Word on it.
Can I install RH 7 HTML on my desktop and be able to use both it and my old RH X5 for Word?
Thank you for your Before You Install article. I've read enough of it to realize that I cannot install side-by-side because I only have an Upgrade version of RH 7.