I don't know QuickBooks, but have years of experience with Quicken on several different computers and operating system.  I suspect you will not be happy.

I have seen several Quicken "starter" promos.  If you read the fine print someplace it will tell you it will not import data from previous versions.  That is a marketing gimmick to force existing customers to buy the full blown version.  I suspect QB is the same.

One tendency I have seen with Q that probably holds true with QB is the need to upgrade to a newer version when you switch to a newer operating system.  I'm told it has something to do with how Quicken handles printing.  Somehow it is different than most Windows programs.   I know when I went from 98 to Xp everything seemed to work great ... until I needed a report printed and it would not print.  I did some searching and found it was a common complaint and the only solution was buy the newer version of Quicken.

But back on topic, check the box very closely.  Make sure it is a full blown version with no limit on the numbr of accounts or categories and that it allows importing data from previous versions. 

I found this on QB support.  It does not exactly answer your question (from http://support.quickbooks.intuit.com/support/Articles/INF13291)

Company files created in QuickBooks Simple Start, Pro, and Premier Editions are all compatible in the same year of QuickBooks.

Example:  A file created in QuickBooks Premier Accountant's Edition 2010 can be opened and used in QB Simple Start or Pro 2010, and then used again in QB Premier 2010. 

Example:  A file created in QB Pro 2009 can be accessed and used in Multi-User mode with Pro 2009 and Premier 2009 users at the same time over a network (if the proper number of licenses are used). 

Compatibility between different editions of different years/versions of QuickBooks

A company file may be upgraded/updated from an older version of QuickBooks to a newer one, but the file CANNOT be converted back from a newer version to an older version. 

More information:

• Once a file is upgraded to a new year of QuickBooks, it cannot be converted back.  Restoring a backup from the older version is the only way to “go back” (see note below). 
• For more information on upgrading a company file, see this article:  kb1058664.  

All Enterprise Editions are compatible with only Enterprise editions of the same edition.

Example:  Enterprise Accountant's Edition 10.0 files are fully compatible with Enterprise Contractors Edition 10.0. 

IMPORTANT:  QuickBooks Simple Start, Pro, and Premier Editions CANNOT open and work with Enterprise company files. 

• Company files from Simple Start, Pro and Premier can be upgraded to the same year/version of QuickBooks Enterprise or a newer version, but cannot be converted back.
  

I suppose you could call Intuit and ask.  I found this number online, no guarantee it is correct for your version:

Your product is QuickBooks Simple Start 2010.

Call Us - (888) 859-4056

Talk to a QuickBooks Support Representative.

*Charges May Apply, Wait Time Varies