Yep! Easy peasy! Not 100% sure on Photoshop 7 but I assume it's the same as the later versions? You can record an 'action'.
If you go to the action menu window, Click the 'create new action' button, then record...
Go through all your steps and then 'stop' recording and it's then there for you you use to your heart's content!
Or you can try using another person's action and save it in your own actions folder.
Link here with link to action and instructions on how to add it...
Hope that helps,
Si