The probable cause to this error is related to system requirements and compatibility of the application with newer versions of Windows. I tried to obtain a setup package, but there is nothing available so I can test it on my Windows PC.
If you still have the software, right click it and choose Properties > Compatibility. From the drop down menu, select a previous version of Windows and then try to launch it.
Additionally, virtualize Windows using VirtualBox and install Windows XP.
Note: An original XP install disc or ISO is required for this operation.