I wouldn't recommend wiring a molex to give 7V because you're forcing back current into the PSU through the 5V line, which is supposed to be an output, and it can be harmful to your PSU. If you have fans which run at 5V though, you can instead modify the molex to give 5V by swapping the 12V and 5V leads (yellow and red), and this should be perfectly safe.
Fan speed reducers are simply a 3 pin extender with a resistor on the 12V line. The resistance value depends on the specifications of your fan, and the voltage you want it to run at; there is a calculator for this online if you search 'fan resistor calculator'. You can easily make them yourself but if you do, you need to use power resistors which can handle more power than a standard 1/4W resistor otherwise you could risk setting the resistor on fire.
More easily, you can find premade adapters all over the place, such as these
http://www.ebay.co.uk/sch/i.html?_t...uce&_nkw=fan+speed+reducer&_sacat=0&_from=R40