Hello AndrewH2O,
According to the Windows 7 SLT, the answer is No.
The Software Licensing Terms (SLT) for Windows 7 state:
14. UPGRADES.
To use upgrade software, you must first be licensed for the software that is eligible for the upgrade. Upon upgrade, this agreement takes the place of the agreement for the software you upgraded from. After you upgrade, you may no longer use the software
you upgraded from.