The application is compatible with Windows 95, Windows 97, Windows 2000, Windows XP. This means that you can't install it in Windows 8. However, try to apply a compatibility tweak using Troubelshoot Compatibility when you right click the setup package. Choose Windows XP from the list and led Windows adjust the necessary settings.
If it still does not want to work, you might need to install Windows XP in vrtualization mode with the help of VMWare or Virtualbox.