Opening Cubase VST 5 project files in Cubase 7

I have some projects done in Cubase VST 5 and saved in Cubase VST 5 format. (Cubase VST 5 is, the version before Cubase SX.)

Can I and how do I, open these in Cubase 7, and then save them as a Cubase 7 project?

Alternatively if not, how can i open these projects and make them accessible to Cubase 7? I still have my copy of VST 5 and some other older Cubase versions, but I’d like to do it in as few steps as possible.

If you are on Mac, and have 10.8 (or 10.7?) it’s getting a bit tricky as SX3 won’t run on the latest Mac OS’s. Last version in which this was possible for me was Snow Leopard (OSX 10.6). I keep a partition with 10.6 for just that!