Yes it is possible. Due to continuous complaints about Vista’s compatibility problems, Microsoft is introducing something called XP Mode, which creates a virtual, or “shadow” Windows XP operating system running inside Windows 7.
Once XP Mode is running, it fools your older apps into thinking they’re on Windows XP. Here you’ll find an XP start menu and all your familiar XP features — all of which should work as they did before. XP Mode is only available in the higher-priced Professional and Ultimate editions only.