Yes. Windows is extremely backwards compatible. This could be, ironically, one of the reasons some people don't like it too much. See Raymond Chen's The Old New Thing [1] for some technical details.
Since when do windows break most programs every few months? Having to write a patch every few years when Microsoft releases a new OS is pretty low maintenance. And most of the time windows is backwards compatible nowadays, so usually you don't even need to do that.
Most 10 year old games still runs on modern windows even without patches etc.
[1] http://ptgmedia.pearsoncmg.com/images/9780321440303/samplech...