When setting up a metadata to look at several tables as one table, is it possible to setup conditions in the metadata in version 7.1.4 or is this a 7.6+?

I may not be asking this in the right form.

Say I have 3 business segments and I want to have metadata that only shows one business segment in version 7.1.4?

I'm not sure if what you are looking to do is what we may refer to inserting a DEFINE within a MFD.

http://techsupport.informationbuilders.com/sps/92871087.html

It seems you are talking about incorporating the join information into the metadata, so that a group of tables looks like just one to the report developer.
You can do what used to be called "embedded joins" in all versions of WebFocus. In WebFocus 7.1.4 it is called "cluster joins", and you can use the cluster join tool to set it up.