Google "Dual Boot Windows 7 and Windows XP."
Have you tried Windows Compatibity Mode? Right click on the *.exe file, choose Properties, and choose the Compatibity tab. Check the "Run this program..." box, and try it.
Or have you tried Windows XP mode? You can dowload it and install it as a "Virtual Machine" if your system supports it, and you have Windows 7 Professional or above.
Now that doesn't work for me, and I had a program that wouldn't run in Windows 7, Compatibity mode, or Windows XP mode either. I dumped it.