If you install 3.0 on the system that has any previous version of UFT it will find it and ask if you want to update that version. If you say yes it will update the old version without destroying your data. Of course, ALWAYS make a backup before doing so, just in case. If you want to keep the old version you can install 3.0 in a new directory, say uft30, and then point 3.0 to the location of you project under the old version.
As long as you have a good backup you should have no problems.
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