You could try running XP mode, which is available in certain versions of Windows 7. (It's a VM'd Windows XP, as someone suggested)http://windows.microsoft.com/en-US/windows7/install-and-use-windows-xp-mode-in-windows-7
I have to run a windows XP VM (xp mode) at work, because some business portals only work with older versions of IE such as IE7, etc. Compatability mode doesn't work with every site, and Windows 7 won't take an IE 7 install that I know of. The XP mode thing is a free download and its relatively easy.
I could be wrong, but if you have to have XP, this is a good fix and its working wonders for me.