Well, yes. As you see, the old repository is still there and you can get things from it. But, if I remember correctly, the other repositories (e.g. RPMfusion) don't leave old versions on-line, so you're limited to Fedora only: no playing mp3 or wmv files, for example. Also, support for Fedora 7 stopped a month after Fedora 9 came out. If there's a security hole in any of the software, no-one's going to fix it now. Admittedly, if there was a serious problem it would probably have been discovered in the 13 month support period, but you never know...
The real point is that using old versions has no point. Some-one may stick with Windows 2000 because it's all they can run, or because they can't afford an upgrade, or because they like it (!). With Linux coming free, in varieties suited to every taste and computer model, it makes sense to get the current software that is supported by its producers and which other users can help you with.