Yes, there is, somewhat. If you're only interested in not losing your
old files, then you can do what's called a "Custom Install" of Windows
7. What this does is it transfers all of your "\Windows", "\Program
Files", and "\Documents & Settings" directories to new subdirectory
hierarchy called "\Windows.old". This is just a backup of all of these
old files, and you won't lose any of the files, but you will lose all of
your settings for them, as the registry will be brand new.
Hopefully, your drive or partition will be large enough to contain both
Windows XP and Windows 7 files on the same drive. When Windows 7 is
done, you will have a newly installed Windows installation, with no
settings carried over from the previous Windows. Then you will have to
reinstall your apps under the new Windows 7, one at a time. You can
refer back to the "Windows.old" directory to figure out which
applications you previously had installed.
You, at some point, also start transferring all of your old XP data
files in My Documents, My Pictures, My Music, etc. to their equivalents
under Windows 7. This is a simple copy/move and paste operation using
Explorer, no special utilities required.
Yousuf Khan