No : you can have one framework per process; if their exe is 1.1, then the
1.1 framework will be loaded, and all 2.0 calls will barf. If, however, the
exe can be written as a trivial wrapper in 2.0, it may be possible to
reference both the 1.1 components and the 2.0 components - but the 1.1 code
cannot rirectly reference 2.0 code.
As long as they aren't developing asp.net, can you encourage them to switch
frameworks? A lot of 1.1 code will compile fine under 2.0, so they can keep
their code-base (albeit old-school), but get a newer GUI and they can use
your objects. Acknowledged this isn't always feasible when customers are
involved.
Supporting 1.1 customers is a PITA; you get stuck with the obsoleted methods
(as Stoitcho mentions).
Marc