Stephen C's answer is correct, but not complete. Your Java 7 programs won't compile in Java 6 if they use Java 7 language features, but be warned subtle other bugs can still occur with one developer coding in Java 6 and another compiling Java 7.
Take for example java.sql.Driver. In Java 7, the interface gained an additional method.
Java 7 Developer
This developer implements the Driver interface and uses the 'Override' annotation on the implemented additional Driver method. The program compiles fine as a Java 6 program because the class that the Java 6 compiler sees does have that method and the code gets checked in. Compiling the program as Java 6 does not mean that Java 6 compiler will automatically switch to use Java 6 source code!
Java 6 Developer
The Java 6 developer attempts to build the code the Java 7 developer committed and gets a compilation error even though the Java 7 developer was not implementing any Java 7 language constructs.
Consequently, even though you could compile it as Java 6, I would recommend not doing this.