Yes 100% yes, I personally did it. However be prepared youtube has may videos on how and why just be prepared to mess with the drivers for your computer and the bios. Also tech support with almost disown you -source personal experience
I just did this on 2 computers, the safest way is to reformat and do a fresh install, the reason is the Windows 8 boot manager stays around and can cause problems with Windows 7. One other reason is that you want to delete the Windows 8 partitions to recover all of your drive space. I have an SR-2 with 2 6 core Xeons and Windows 7 so much more user friendly than Windows 8, Remember Microsoft, not everyone owns or adores smart phones.
Yes, this product can be used to downgrade from Windows 8. I would also suggest that you reformat the hard drive and do a fresh install to ensure that all of the windows 8 'orphans' are removed. Patricia in Maryland
All the documentation implies this oem package is for new installs only. Most likely the install over win 8 will fail. You should reformat your win 8 hard disk then install win 7. You could also remove your win 8 hard disk and install a new hard disk and then install this win 7 os. You then can reinstall you win 8 hard disk and have both operating system resident. During boot press what ever key that gets you into the computers mother boards bios and select what hard disk to boot from. I have win xp on a 250 gig and win 7 on 360 gig.