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OS X users can only have one JRE available through web browsers so OS X users can not have more than one JRE available through the web browser and will only only have JRE 8 available through the web browser after the upgrade.
Unless you have a support contract with Oracle or a license for Java SE Advanced products you will not be able to get security updates for JRE 7 from Oracle after April 2015 and it is not advisable to keep older versions of Java on your system.
If an application has left it up to the system on which it is running to determine which version to use, and you have JRE 7 and JRE 8, only JRE 8 will be used.
If an application has specified JRE 7, and you have both on your system, JRE 7 will be used.
Yes, however note that users will be unable to receive public security updates for Java 7 after April 2015.
See the Java SE documentation for APIs, Developer guides, Release Notes and more.
Note that in some cases users might not have older JRE version available or -in the case of OS X users- might be unable to launch more than one JRE version through the browser.
This will be more of the disruptive weather, especially for those with travel plans.
The rain could continue into Saturday morning before moving east of the area Saturday afternoon. In fact, many areas of East Texas could see high temperatures early Friday morning with temperatures dropping off into the upper 40s by Friday afternoon.