Since Java 1.6, a java.exe is installed into %windir%\system32 that supports a "-version" command line option. You can use this to select a specific version to run, e.g.:
java -version:1.7 -jar [path to jar file]
will run a jar application in java 1.7, if it is installed.
See Oracle's documentation here: http://docs.oracle.com/javase/6/docs/technotes/tools/windows/java.html