Yes. You can run ActiLife 5 and an older version of ActiLife (version 4) on the same computer. However, the older version of ActiLife will no longer be able to communicate with the devices you have. You will still be able to use the following macros and functions of the old version of ActiLife:
Please note the ActiLife5 no longer downloads files in the *.dat file format. You will have to use ActiLife5 to convert the downloaded file to the legacy format.