Yes, it is possible, though you should probably uninstall PowerPoint, Excel, & Word 2007 first, via Windows Control Panel > Programs > Programs & Features > Microsoft Office (version) > Change (this won't affect any of your settings or documents).
Then, when installing Office 2016, do a custom installation so that you can leave Office 2007 in place and install only PowerPoint, Excel, Word.
Because the Office 2007 installation in 32-bits, the Office 2016 installation should be done as a 32-bit install also.
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Cheers,
Paul Edstein
[Fmr MS MVP - Word]
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