Will that beats stuff work on CM7?
Yeah it should. I am 99% sure it will work with CM7, but make a backup before trying.
Beats Audio works on any ROM on 2.3 or above. There's a huge thread over at XDA.
That not 100% true. I had to make a few changes to get Beats working on the TMV. If you look a few post in on this thread I did say about I couldn't get Beats working on the phone. I have now fixed that.