[Che70velle]

The age of the tire had nothing to do with this, in my opinion. 7 year old tires are not that old, as far as driving goes. They most certainly have lost their competitive edge due to age, but should not have done this.
Are you sure your pressures were correct? It looks as though you had a sidewall blow out due to rubbing. I had a car do this once because I was running way too low a pressure, and my sidewall actually was rubbing on the pavement a little.
I just bought a set of Falkens from a leading supplier, and my fronts are 3 years old. Rears are 8 months old.

Edit...I just re-read your post and you are thinking it might have been low pressure...