Found this in the Microsoft answers:http://answers.microsoft.com/en-us/windows/forum/windows_7-windows_programs/how-to-install-netmeeting-in-windows-7/13794bd1-e1f7-40c5-afbc-424297b15f34?page=2
I know the OP question is how to install Netmeeting on Win7, but recent posters are also asking for an alternative ...
I'm not sure if you're looking for a free solution or paid. I've been using TeamViewer (http://www.teamviewer.com) for personal/family and like it much better than Netmeeting - nice UI and features. It's free if you use it for non-commerical use.
It defaults to use internet mode, but it can be easily switched into LAN only mode as many people on this post have been asking.See: http://www.teamviewer.com/en/kb/40-Can-TeamViewer-be-used-within-a-local-network-LAN-only.aspx