There was a lot of CLI changes from 6.x to the 7.0 code that the ASA runs. Normally when you upgrade from 6.x to 7.0 the upgrade process takes care of doing the config conversion for you, but in your case of cut/pasting the config in that won't work. I'm assuming you aredescribing a LAN-to-LAN tunnel here, so the main change you'll need in the ASA config is to add a tunnel-group for that peer, and define the pre-shared key under there.
A sample v6.x LAN-to-LAN config looks like this:
sysopt connection permit-ipsec
crypto ipsec transform-set chevelle esp-des esp-md5-hmac
crypto map transam 1 ipsec-isakmp
crypto map transam 1 match address 101
crypto map transam 1 set peer 172.22.112.12
crypto map transam 1 set transform-set chevelle
crypto map transam interface outside
isakmp enable outside
isakmp key address 172.22.112.12 netmask 255.255.255.255
isakmp identity address
isakmp policy 1 authentication pre-share
isakmp policy 1 encryption des
isakmp policy 1 hash md5
isakmp policy 1 group 1
isakmp policy 1 lifetime 1000
The corresponding v7 config would look like this (note the "isakmp key ...." command has been replaced with a tunnel-group):
crypto ipsec transform-set chevelle esp-des esp-md5-hmac
crypto map transam 1 match address 101
crypto map transam 1 set peer 172.22.112.12
crypto map transam 1 set transform-set chevelle
crypto map transam interface outside
isakmp enable outside
isakmp identity address
isakmp policy 1 authentication pre-share
isakmp policy 1 encryption des
isakmp policy 1 hash md5
isakmp policy 1 group 1
isakmp policy 1 lifetime 1000
tunnel-group 172.22.112.12 type ipsec-l2l
tunnel-group 172.22.112.12 ipsec-attributes
pre-shared-key
See http://www.cisco.com/univercd/cc/td/doc/product/multisec/asa_sw/v_70/config/site2sit.htm for details.