Yes, if your computer is fast enough to run all three applications at the same time.
We will not update Live 7 or older versions for Lion.
Live crashes on start up on Windows 7 machines.
Live 7.0.18 should run without problems on MacOSX 10.6.x or newer, but we do not officially support it.
Live crashes when loading or playing back Sets containing audio clips in 'Complex' Warp mode.