I\'m on a team that\'s currently building a MOSS 2007 based application (which relies on .NET 2), and we\'d like to leverage the Entity Framework v4 (which relies on .NET 4)
No. The 4.0 version of .NET has a new CLR (4.0) etc., but SharePoint 2007 is only supported on CLR 2.0.
Even SP2010 does not support .net 4.0 (yet).