Yes, 7200 does support IPT. You need atleast IP voice image on the router to support the IP telephony features. You need to purchase the PVDM (packet voice digital modules) for running voice calls on the router.
7200 router can also be configured as CCME (Cisco call manager express) which supports tha highest number of IP telephones 720 numbers.
HTH,Please rate if it does.
-amit singh