The "beanbag emu" you mentioned, is not likely important to you if you don't know what it does, uninstall it and see if that sheds new light on the situation.
Can you manually install the model? (Find a zip archive with the aircraft files on the internet)
Have you tried running the exe in compatbility mode for Vista, since I'm not sure the PMDG models natively support Windows 7
I've tried the compatibility and no joy there ... I'm afraid I wouldn't know where to start looking for zip files. I have copied the disc files to my C drive and tried loading from there but no joy.
I have contacted PMDG (and Aerosoft who make the discs for PMDG). Neither can help me in this.
The "beanbag emu" you mentioned, is not likely important to you if you don't know what it does, uninstall it and see if that sheds new light on the situation.