We have used Compaq DVF 6.6 for many years and for many projects on win 2000 and XP 32 bit PC wihtout problem.
We encounted two propblems with Compaq fortran developer studio after use windows 7 on 32bit desktop PC:
1. it cannot do debug run. Message said 'cannot find .DLL, re-install DVF'
2. it cannot generate a new workspace anymore. Message said 'cannot find directory'
Update your software to Win7 compatible version or install WinXP on the desktop PC seem like the easiest solutions. You can run a Win7/WinXP dual boot option to be able to use both OS. Dual Boot Installation with Windows 7 and XP