No, the old themes (1.6 and earlier) does not work with versions 1.8 and higher
but they can still be adjusted.
You can make it work but with lots of bugs. If you want to remove bugs, then these will take lots of adjustments in order to adjust with 1.8. It is so much pain like creating a new theme. This is why it is recommended that you use some theme for 1.8. Other wise if you think that you are capable enough, then create a new theme your self.
Got it, I won't use it. I needed a theme that I can add a vendor banner at the top, right or left.