Is it possible to call CRM 4 webservices using CRM 5 sdk.I have a project which is accessing CRM 2011 webservices now we have to access CRM 4 web services for same logic.
Yes it is possible to call the V4 Web services if you are developing on the CRM 2011 platform.
Use the endpoint URL is http:///MSCrmServices/2007/CrmService.asmx
There are some "gotcha's" with Office 365 or Microsoft's hosted solution: "The 2007 service endpoints are not supported in Microsoft Office 365 organizations. The 2007 Discovery service (CrmDiscoveryService.asmx) does not return Office 365 organizations and you cannot use the CrmService.asmx and MetadataService.asmx services with an Office 365 organization."
Use the below link for the entire MSDN article on the 2007 endpoint. http://msdn.microsoft.com/en-us/library/gg334316.aspx
I have personally yet to try this, it is still on the To-Do list :)