Can 2 versions of Microsoft Office Applications exist on the same PC and function correctly?

Installed MS Office Enterprise 2007 (708mb) on my PC, thinking it would overwrite my current application, Microsoft Office XP Professional with FrongPage (468mg) but that didn't happen. I still see the MS Office XP in the Uninstall or Change a program feature of Windows Vista. I want to deleteMS Office XP but I'm concerned my actions would cause MS Office Enterprise 2007 to no longer function. What should I do?

I doubt two versions of MS Office can exist on the same machine . Can Office 2007 and Office 2003 co-exist on the same XP PC? - Microsoft Office

It is not the same OS as yours but the principle remains the same .
I have never tried it myself but the above link may prove of help .