The PCIe spec was designed to be both forwards and backwards compatible. So you should be able to plug a PCIe 1.1 card into a PCIe 2.0 slot, and vice versa. This remains true for the most part but as Eneles mentioned, sometimes BIOS limitations pose a barrier.
If you plug a PCIe 1.1 card into a PCIe 2.0 slot, or a PCIe 2.0 card into a PCIe 1.1 slot, both the card and slot will downclock to PCIe 1.1 speed.