Once the library has been updated, I don't think you can down-grade it. (Which makes me wonder whether your friend maybe didn't have a library before he switched to 4).
In general, newer versions of programs can open the files/libraries/etc. created by older versions, but old versions cannot open newer versions (without time travel, the coders would not know what the new formats would look like).
Your best option (since I'm guessing you don't have a back-up) is to move the iPhoto library somewhere else, and re-import all your photos into iPhoto 4. You'll lose whatever editing of them you've done, as well as your keywords/comments/albums etc., but you'll get the pictures themselves back that way.