Yes, you can transfer the data but you'll actually need to use the Export function. Open the old version of the software and access the export functions. Backup and export all your content then move it to Windows 7, then download and install the new software and activate it (if necessary). Use the same menu except choose Restore or Import and browse to the backed up content. The software will recognize the data and it will import it. Additionally, copy the whole installation folder from Windows XP to the Windows 7 and, if the software doesn't require additional installation, it should run properly.