Depends how much older the iTunes version is. Any other version 7.x should be fine. Earlier I'm not sure, might cause some problems. In any case, even if it does cause issues & won't load the previous library, you won't lose the songs themselves because they will be in the iTunes Music Library folders. So in that scenario, you'd drop the library song files/folders back onto iTunes Library icon at top of the program to reload them.

However I believe you won't have any problems if a recent version of iTunes.