This seems to be one of the favourite questions among every developer .

Can i install Wndows Phone 8 SDK on my Windows 7 PC and develop Windows Phone app?

The answer to this is simple . No .

The Windows Phone 8 SDK can be installed only on Windows 8 PC . You can know the prerequisites here.

Reference Forum Thread

See Also

Another important place to find a huge amount of Windows Phone related articles is the TechNet Wiki itself. The best entry point is Windows Phone Resources on the TechNet Wiki.