Corel Draw 8 is is form 1998, I'm sure it's not supported under Windows 7. You also did not say if you had 64 bit or 32 bit version of 7. If 64, you can try installing the 32 bit version and see if it runs on that.
Or update the program to something younger than 14 years. http://www.corel.com/corel/pages/index.jsp?pgid=2100019&storeKey=us&languageCode=en