It's uncertain to say if this application works on Windows 7, because the final release is out and the last version of Windows the application was successfully tested with is Windows XP, as indicated on the developer's page. The only thing now is to download the application and install it on your computer with Windows 7. To eliminate issues from the start, launch the software in Compatibility Mode (right click the file and choose Properties > Compatibility > Windows XP).
Download page: http://www.pcdj.com/support/vrm-downloads/