I have a router connected to two upstream routers for redundancy. I am going to be adding a QOE/Preseem box in between. However, I do not want to advertise a few prefixes across the Preseem interface. Can I accomplish this in V7? In otherwords I will have 3 uplinks. One is for Preseem. The other two I want to use them for a few things.

1.OSPF bypass in case Preseem fails.
2. By pass the Preseem for certain prefixes. These are gigabit clients who I do not want to shape.

Yes, maybe...
If you are just using the default/backbone/area0 everywhere then no you cannot do any selective route filtering at all. Every router participating in OSPF will all have the same OSPF routes in memory, it's a hardcoded rule in the protocol itself as its by definition how OSPF actually works

However you can filter routes either before they get added into OSPF in the first place (i.e. if its a redistributed/static/connected/bgp route) - you do this on the ospf-in filter chain
Or you can do it between different OSPF area's