Just install Poser 7 into its own directory , and add you Poser 4 runtime as an external runtime, and they should happily coexist and you can use your existing content in Poser 7...

To do this, open Poser 7, and hop to step 4 in this tutorial...

http://www.posermocap.com/2008/09/16/tutorial-setting-up-multiple-external-runtimes/

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