No, it’s not possible to run this program on Windows 7 because it’s not compatible with it. It’s recommended to obtain a newer copy of the application compatible with Windows 7 and above. To do this, you can use the following website: http://www.broderbund.com/p-685-printmaster-v6-platinum.aspx
Additionally, if you have the setup file, transfer it to Windows 7 and then right click it. Choose Properties > Compatibility. Pick Windows XP from the list and try running it. If it does not run, an upgrade is necessary like I mentioned earlier.