Delphi 7 to Delphi 2007

We have several apps in Delphi 7, one com app in delphi 4.  We are looking 
to upgrade them to somethng current/supported, ex Delphi 2007.   These would 
be just win32 client apps, no web/dot.net  What is generally required to 
move from Delphi 7 to Delphi 2007?  Is this feasible. Is there any 
information on what is required to upgrade.  Can the source code just be 
imported and then adjust for de-supported functions etc?  Guess I was 
looking for any gotcha's that people have run into. I am trying to come up 
with a time estimae. I hear the IDE requires .net?

Thanks
Mike