Worst case is that you'll need to do a repair/install on version 7 after you remove it. To do a repair/install, just put your installation disk back in without uninstalling the program.
Unfortunately, I bought an Adobe download version of Premier Elements 7 which was an upgrade to Premier Elements 4 and therefore have now disc available. What's your take on the situation? I have the ID and Key.
Technically, there is no such thing as an upgrade version of the software, Dr. Even if you bought it for the upgrade price, you got the whole program.
So just re-run the set-up without uninstalling. Once the installation starts up, you'll see the option to run a repair.
I appreciate your patience.