Yes and its very simple. Goto File>>Save with Options>>Save for previous version. The VI and all its subVIs not including the one from NI will be saved into a new folder. All relative paths will be conserved.
Waldemar
Using 7.1.1, 8.5.1, 8.6.1, 2009 on XP and RT Don't forget to give Kudos to good answers and/or questions
Thank you Waldemar. What if I only have the vi 7.1, not the LabView 7.1? I would like to open a vi written in LabView 7.1 in LabView 7.0. Is that possible?