4images v1.7.7 and older are not compatible with php 5.3
It might work, but it will produce few warnings about deprecated functions it's using.
[EDIT]
to clarify my statement, by default 4images might work fine (I can't test it myself at the moment), but it uses set_magic_quotes_runtime() and ereg() functions which are deprecated in php 5.3
It will not produce errors, but might show/log warning messages.
[/EDIT]