Importing directly from an fp7y file won't work due to the difference in file formats.
You can take a copy of the file, convert it to fmp12 format and then import from it.
You can export the data from the .fp7 file as tab, csv or merge files and import from them into your version 12 file.
well that is the fundamental idea of any importer, to do a transisional proccess between 2 flavors :)
just did what you suggest, open and convert. the thing is that this is a production db and changes a lot. so having an "online" importer is always nice.. but guess it wont be possible as fm does.