Short answer - no.
From Microsoft:
To convert an Access 2007 database to a file format that is compatible with Access 97 or earlier, you must first use Access 2007 to convert the database to the Access 2000 file format or the Access 2002 - 2003 file format. Then you use an earlier version of Access to convert the database to the format that you want. For example, by using the Convert Database command in Access 2003, you can convert an Access 2000 database or an Access 2002 - 2003 database to the Access 97 file format.