If this is the only app that doesn't work for a while why not use a Virtual machine with an OS that it does work on -- VISTA, Fedora, XP etc.
The overhead of a VM on a W7 X-64 with decent RAM is minimal if your VM is only running a few applications (or a single one in this case).
That way you can continue to enjoy W7 and still run Mathematic 7 whne you need it -- actually if you can get it to run on XP you can allocate as little as 768 MB (or even 512MB) RAM for your VM. Your Host 64 bit W7 won't even notice this if you've got even a half way decent processor -- mot are dual processors anyway. (BTW only allocate a SINGLE processor to the "Virtal machine" Virtual hardware set. Things like VBOX (free), Virtual PC (free) and vmware...