LabVIEW has always been very good in allowing multiple versions installed on the same PC. Just stick to the default installation paths and all will coexist nicely.
HOWEVER, be also aware that beta releases
cannot easily coexist with other betas or final releases of the same version and special installation or removal instructions might be needed. There might also be other special release notes alerting to bugs, etc.
The
official release of LabVIEW 7 has been out for a while, so there should be no need to install a beta version of it except for historical curiosity. Once the final version is released, the beta license agreement terminates and the purpose of the beta ceases to exist.