EDIT: Those worried faces are meant to be the : and / in file locations. That's pretty hilarious.
I'm having precisely the same problem (with just one prgram that I'm trying to install: the game Europa Universalis III, known to be compatible with Windows 7 64-bit, which is what I'm running). I tried following the advice in the link that dodger46 posted, but the only folders I have in C:/Program Files (x86)/Common Files/InstallShield are 'Driver' and 'Professional'; there's no 'engine' folder. I tried running the IKernelUpdate.exe anyway, but I get the following error:
The InstallShield Engine (iKernel.exe) could not be launched.
Class not registered.
(This time it's "Class", as opposed to "Interface" not registered). If I go into the C:/.../InstallShield/Driver folder, there are two folders called '9' and '11', both of which contain one folder called 'Intel 32'. So I tried renaming the 'Driver' folder and running the IKernelUpdate.exe again, but the exact same error occurred.
Any advice would be greatly appreciated. Thanks for reading.
EDIT 2: It's now saying "Class not registered" instead of "Interface not registered" when I try and install Europa. I'm not sure when or why that changed.