How to load older versions of a blend file? Is it possible to load earlier versions of a project? I generally use the same project for the same type of occasion and in an earlier save I had something that I wanted to use again.

Is it possible for me to load older project saves?
By default blender will save 2 old versions whenever you save the blend file. That feature is what makes the .blend1 .blend2 flies. Read the bottom of gandalf3's answer here, for more info on the persistent save feature. The .blend1 will be in the same folder as the blend file it is a backup of.  

However if you do not have a backup blend, there is now way in blender to get back to a edit that has been saved over.