Yes, the software works on Windows 7, but with a few compatibility tweaks. If you have the software, right-click it and choose Troubleshoot Compatibility. Choose Windows XP from the list and accept the changes. Next, right-click the setup file again and this time choose Run as Administrator. Follow the installation procedure, and every time you start the application, choose Run as Administrator as well.
If it refuses using the tweaks above, you will need VirtualBox to install Windows XP, since the software is compatible with Windows XP.
Tutorial guide: https://www.virtualbox.org/manual/ch01.html#gui-createvm