It depends on what install option you chose.
If you chose to "Upgrade" then you no longer have Office 97 installed.
If you chose to install to another location then Office 97 may still be on your computer. If it is still available in your "Add/Remove Programs" Control Panel Applet then it should still be on your hard-disk. If you want to use it then you need to create new shortcuts to the programs, to do this you have to Search for the original Applications. Use Start --> Find/Search and type the name excel.exe, tell Windows to search all your hard drives and when it finds the Original verson (with the Excel 97 Icon) you have found the folder in which Office 97 is located. If only the Excel XP version appears, then Office 97 has been overwritten and you no longer have it.
Personally I recommend that if you still have Office 97 installed, then you remove it as Office XP does everything it does and more, and Office 97 will just take up space and slow down Office Updates (the Updater will install all of the Office 97 updates as well as the Office XP ones).
Hope that this helps you,
K Williams