|Yes, inside a virtual machine. The only drawback is the need you have a legal copy of DOS. If you want to run a virtual machine with built-in DOS download and install DOSBox that is free and designed just to run legacy games.|
If you want a full virtual environment and have a copy of DOS (or one of its clones as FreeDOS or DR-DOS) download and install at your choice
- MS Virtual PC 2007
- Open Source VirtualBox
Both are free and I suggest the MS product as it is easy to manage. As I said you need a copy of the guest operating system then you can run your DOS games inside a virtual machine concurrently with Windows 7.
Easier to do than to explain.