Drupal 4.7.4 on PHP 5

However, if you have the PHP 5.2.x you should upgrade your Drupal install to 4.7.11 before enabling PHP 5.2. Drupal 4.7.4 does support PHP 5.1, but will have some problems with PHP 5.2, hence the urge to upgrade first to 4.7.11.

No. From the project download page

Note: Drupal works with PHP 4 & 5. If you need support for the newest PHP 5.2, however, you must use Drupal 5.1 (and higher) or Drupal 4.7.5 (and higher)

Please test and upgrade to the latest 4.7.x release. There have been several security releases since 4.7.4

-Steven Peck
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Test site, always start with a test site.
_{Drupal Best Practices Guide -|- Black Mountain}