Welcome to the forums marq74,
Yes, the stock ESC will handle the 7.4v without any problems.
It's already been well reported that plenty of folks are using 2s lipos...I myself have 4x250mah cells sitting around eager for me to setup a pair of 2s packs!
As further proof, on Team Losi's own site (in their Micro-T Gallery), they have this image showing right on the ESC that it can handle 4.8v-7.2v:
http://www.teamlosi.com/ProdInfo/Gal...0230-cha-b.jpg