The application isn't compatible with the Windows 7. The products dates from 1997 and the Windows 7 operating system isn't compatible with it. You will need to install Windows XP through virtualization then you will be able to use it again. Download VirtualBOX and use the built-in help to learn how to create a virtual machine, then install Windows XP and transfer the application in that environment. You should be able to use it this way.
Note: A Windows Install Disk is required for this operation.