Hi Pritam,
All of the Applications Engineers here at National Instruments have LabVIEW 7.1, LabVIEW 8.0, LabVIEW 8.2, and LabVIEW 8.5 installed on our systems, as we still provide technical support for all of these versions.
There are no major issues with this. There are some minor headaches; installing certain toolkits, modules, and drivers will always install to the latest version that you have on your system, and will need to be copied manually into the directories of the prior versions. Also, the last version that you opened will always be the default version that opens when you double-click a VI in Windows Explorer. The obvious workaround is to always open the appropriate version first (from the Windows start menu) and then open the VI you wish to edit from within that version.
Let me know if you have any more specific questions and I will try to answer them.
Eric V
National Instruments
Applications Engineer
Certified LabVIEW Associate Developer
"I'm a Ramblin' Wreck from Georgia Tech and a helluva (NI Applications) Engineer!"