unfortunately no, an upgrade is permanent.
Did you upgrade from 7 home, or did you do a full install?
If you were looking to upgrade in-place, I believe you need to use the windows anytime upgrade option.
http://windows.microsoft.com/en-us/windows7/products/features/windows-anytime-upgradeYou don't need that, but you should be able to use a retail bought Win7 ultimate upgrade just fine.