I did that and it says I have 1.07 but checking properties in my program files for firefox it says it was created Dec 31st 2004.
When down loading the newer version does it replace the older one or are both versions still in my comp?
If your version is correct, you should be good to go. Don't know why the creation date is that old. Weird. I assume you're running windows. Can't ever tell what's going on with stuff on windows. As far as running multiple versions, I belive both FF and TB are set up at the current time to replace any existing installation.
Because I run Linux, that gives me a bit more flexibility about such things, and I have both FF and TB install with a directory name that matches the version number, then I change a symbolic link that points to the version I want to use. This makes it easy for me to back out to a previous version if I ever need to do that. I don't know if that is even possible with windows.