Yes, sure.

Actually AFP 3.0 runs since mid of our beta phase under Visual FoxPro 8.0. ProLib recommends to use VFP 8.0 runtime due the fixes, enhancements and new features provided by this version. There are a lot of enhancements related to Internet and connectivity to remote data backends like MS SQL Server or MySQL and others.

Current versions of AFP 3.0 already ship with VFP 8.0 runtime. To get latest information about Visual FoxPro in general take a look at the official site of VFP at Microsoft. The monthly newsletter is really informative about the future plans and capabilities of coming version VFP 9.0 (codename Europa).

There are no problems installing both runtimes - VFP 7.0 and VFP 8.0 - on the same machine. Actually you are able to mix up the AFP threads with both runtimes...
But as already mentioned it's absolutely recommended to use the latest runtime.

Enjoy AFP FAQ, JoKi

PS: Pssst, there are already rumours that AFP 3.0 already runs with VFP 9.0 out of the box...