While mstsc.exe (Microsoft Terminal Server Client) is available in most versions of Windows 7, the ability to host a terminal server connection (Remote Destop Connection) is only available in Windows 7, Pro, Enterprise and Ultimate.
Viable alternatives are programs Like TeamViewer, and CrossLoop, both I think are free for personal non-commercial use.
yep. First configure your computer to allow incoming remote desktop connections.
Then fire up google and find out how to enable multiple simultaneous connections to Windows 7. I have it configured and it works fine, other people can log on remotely without blowing up my desktop session. As I recall it involves a couple DLLs placed in the right container and perhaps a registry edit, not too bad. The information is out there if you search for it, I just don't believe the forum rules support my providing that information on the forum.