Currently Being ModeratedFeb 6, 2013 8:59 PM (in response to thedigitalcurrent)
FCP X won't modify FCP7 project files. In fact it won't even open them directly. If you want to try opening them check this out.
You must have at least one FCP X project from a previous version of FCP X that FCP X sees and wants to update. That is what will get updated, not your FCP 7 projects.