In order to run the application on your Windows 7 computer, right-click the program's icon, select Properties and navigate to Compatibility tab. Check Run this program in compatibility mode for box and select Windows XP from the list. Click Apply and then OK. After that, right-click again the launcher and select Run as Administrator.
If this doesn't help, I recommend install the software in Windows XP Mode environment. Windows XP Mode is a free tool developed by Microsoft that helps users run old programs on Windows 7 computers. You can find all the necessary instructions on the official web page.