the weblogic installations downloaded from oracle are 32-bit versions with java packaged along.
In case you want to try weblogic 9.2 with jdk 7 you will have to install jdk 7 separately and then point to this jdk during installation.
Please do consider the aspect of licensing and support as the latest version is 12c which is whole different ball game which is best not discussed on forums.
Only WebLogic 10.3.6 and 12c is supported with Java 7.
As far as I can see WebLogic 9.2 is only supported with Java 5.