The application wasn't developed to work on Windows 7, however, you can make it work with the help of OS virtualization. There is a new article on Software Informer that explains exactly how to create a virtual machine. In your case, you will have to install Windows XP, because Bible Illustrator doesn't have any compatibility with Windows 7. Even if you apply compatibility tweaks, the software will not start saying it wasn't developed to run on this version of Windows.
After Windows XP has been installed in the virtual machine, make sure to also install the virtual machine's tools to have mouse & graphics acceleration. Drag-and-drop the installation package into that environment and start the installation. This is the only way to have this application installed in a Windows 7 OS.