It says on the website that 101 riffs can only be used with Version 7 onwards, but can I use it with Binab 2005 then??

That would be version 7, not 2007. Let's see, the release progression would be...

Versions before 7, then 7, 8, 9, 10, 11, 12, 2004, 2005, 2006, 2007, 2007.5, 2008, 2008.5, 2009, 2009.5, 2010, 2010.5, 2011.

So I think you'll be okay with BIAB 2005.