Yes it can be imported as described, but you will have to hide the Ribbon in 2007 and later db's, or have it show up as a menu that's docked on the ribbon. You may not like how it interacts with the ribbon. If you hide the ribbon, you will lose any functionality that it provides that your menu doesn't have, although I suspect some context menus and keyboard shortcuts would work. You will also need the module(s) that contain the functions belonging to your custom menu.