You get 7 volts by connecting the return of the fan (black) to the 5v supply (red). Voltage is the potential difference between the two, so instead of +12 minus 0 (ground) it's +12 minus +5 = 7 volts. Give Brians fan control article a read:
http://www.procooling.com/articles/h...trol_met.shtml
I used to run my panaflo 120 mm at 7 volts, and now i use a rheostat - but I end up running it at about what the 7 volts gave me anyway - it just gives me the chance to crank it up when needed.