No, ClipMate 6 and 7 will install its databases into a different folder than previous versions.
If you are migrating from v6 to v7, you should backup your v6 database and then restore that backup into v7. Use File | Database Maintenace | Backup Database (and Restore Database), respectively.
When moving from v5 to v7, the databases are not compatible at all, so you need to use the data migration utility .