Microsoft Picture It! is a discontinued and an unsupported application. You won't find any new versions of it or official downloads, since Microsoft removed it from the online environment.
But if you have the installation package, a possible solution is to install a virtual machine using VirtualBox and then deploy Windows XP SP3. Only after this process, Picture It! might run, but even that's not possi
Note: To be able to install Windows XP, an original XP installation disc or ISO is required.
My advice is to use an application that is still supported nowadays and contains way more powerful features that the ones present in Picture It!. For example, you could try ACDSee Professional.