Absolutely. You can install and download the latest update for JRE 7 from . If you are software developer and would like the latest version of JDK 7 go to the page on OTN.
Unless you have a support contract with Oracle you will not be able to get security updates for JRE 6 from Oracle after February 2013 and it is not advisable to keep older versions of Java on your system. Nevertheless if you would like to continue to have both versions, JRE 6 and JRE 7 can be installed on the same computer.
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Their ‘What’s New’ update informed me about support for Basecamp Classic (it’s about time!), and had a few quick blurbs about the specific bug fixes included in the version.
Until February 2013, Oracle will continue to provide updates to JRE 6 via our public download sites. After the End of Public Updates in February 2013, if you have a valid support contract for an Oracle Product that requires Java, or an contract, you can download the support versions of Java from . Oracle will continue to provide updates for JRE 6 for our customers with support contracts after the End of Public Updates to JRE 6. See the for additional details.