if any of you have taken physics you would understand that there is really nothing to worry about when doing a 7 volt mod. You have 12 volt potential driving one way, and a 5 volt potential the other way, making the total voltage potential across the circuit as 7 volts. All 7 volts are used by the rotation of the fan motor, which provides a fixed resistance to the circuit. Nothing to worry about here folks.
As for using a resistor inline of the 12volt supply, the size of resistor depends entirely upon the resistance inherent in the fan, following the equation V=IR.
The fan should tell you what it's typical amperage is under 12v right on the label. Since amperage is dependent upon voltage when the resistance is fixed, the amperage will be less at 7 volts than at 12. So, using the equation above, you should be able to calculate the fixed resistance of the fan at 12 volts using the amperage given on the label, and then use that value along with your desired voltage potential (7 volts in this case) to calculate the amperage when ran at the new voltage, like this example where the amperage on the fan label was .12:
12v= .12amps * x ohms
x ohms=12v/.12amps=100 ohms
7v= y amps * 100 ohms
y amps= 7v/100 ohms= 0.07 amps
Finally, take the calculated amperage and the calculated fixed resistance, and plug it back into the equation, this time with a 12 volt potential, making an algebraic equation to solve for value of the desired resistor, like so:
12v= (100 + z ohms) * 0.07 amps
z ohms= 12v/0.07 amps - 100 ohms= 71.4 ohms
since you can't just order any resistor value under the sun, we'll pick a resistor close to this number. Looks like a 75 ohm resistor will work great.
Not so fast though. We know the value of resistor we need, but what about its ability to handle all that energy flowing through it? If you don't account for this, you could have a melted resistor, which will cause an open in the circuit and fan failure. We must be sure that the resistor can adequately handle the amount of current flowing through the circuit. To calculate that, we need to find the wattage of the circuit, using the equation P=IV. Using the previous example values we get this:
P=.07 * 12=0.84 watt
The maximum load of most small resistors are measured in fractions of a watt. In this case, we should be looking for a 75 ohm resistor that can dissipate up to 1 watt of energy, like this one:
http://cgi.ebay.com/Allen-Bradley-Carbon-Comp-75-ohm-1-watt-5-1_W0QQitemZ150162236896QQihZ005QQcategoryZ4664QQcmdZViewItem
Now you should be able to calculate your own resistor, or you could just stick the fan in between the 12 v and 5 v wires!