I installed Secunia PSI software on my laptop. As you may know, this software, which is free, allows you to check your computer for out-of-date software as this can make a computer vulnerable to security threats. http://secunia.com/vulnerability_scanning/personal/
Secunia PSI is telling me that I have several, out-of-date versions of Sun Java on my laptop and that I should uninstall the old versions.
The Java.com website advises me that I "can safely remove older versions of Java" . However, the same page also advises me I "can also keep older versions of Java installed, in case you have an applet/application that still depends upon a previous version." http://java.com/en/download/faq/remove_olderversions.xml
It may not be possible to give a definitive answer to this question right now but if someone could say that it is advisable to uninstall the out-of-date versions or that it's advisable not to do so, I guess that's the best I could hope for.
I would remove the older versions. Most Java programs that work in JDK1.4 work in Java 5.0 and later. I wouldnt bother keeping the older versions. Also, its unlikely you actually use java anyway, unless you actually run java applications/applets on the PC.