I have tested the application and indeed, it's not working on a 64bit version of Windows. In this case, you cannot use a compatibility tweak. The only way to run it is using a virtual Windows installation. You can achieve this with the help of Virtualbox. Download and install the product then use the online guide which explains how to create a virtual machine with another OS installed.
Note: You can install Windows XP and give it a go, but the problem is that the software was created for Windows 95. Compatibility is very low in this case.