I also have that old wheel, but I haven't used it in years for several reasons, two of which you mentioned: MS stopped offering driver software updates post-XP, and games no longer support that wheel. For those reasons as well as it using the old serial port connection which my newer builds no longer had on the motherboard. I've been enjoying a Logitech G27 wheel setup since and haven't looked back.
You may be able to find a Win 7 driver hack out there someone did for the original utility, but considering how old the wheel is and the lack of official support in racing games for many years now, I doubt anyone would put the time into making it. Just shell out for a newer wheel from Logitech. Plenty to choose from between $100 and $300.