If you mean on a Windows 2003 domain, then the answer is Yes, but there are probably some new Win 7 features you wouldn't be able to manage, and some old features that have been replaced and won't work on Win 7.
A windows 2008 (R2) server would be the best option.
There is no reason you can’t use Windows 7 PCs in a Windows Server 2003 environment. Just be sure that you are using Professional, Enterprise or Ultimate, because you can’t join a domain with Starter, Home Basic or Home Premium.
If you are worried about compatibility issues of your computer system, it is better to determine the specific system requirements of your software before trying to purchase or install it into your computer system. Don’t spend your money, time and effort for the incompatible software.