No, you can't install the application on Windows 7 because it's not compatible with it. According to the official information, you have the possibility to install the software on the following versions of Windows: Windows 95, Windows 98, 98SE, ME, Windows NT 4.0 (with Service Pack 3), compatible with Windows XP. In Windows 7 you could try compatibility, but no one will guarantee its success.
For more information about the software, access the official website: https://www.harvardgraphics.com/products/hg98.asp