I checked the windows 7 software compatability site and there is no mention of your particular product. Perhaps contacting Pearson to see if they have any support suggestions for that product.
In the mean time have you tried running the Application or maybe just the GradeBook applet in compatibilty mode. Usually right click the short cut and choose properties and select the compatability tab. See this article and expand the bottom link, that says "To change compatability mode manually" Link Removed - Invalid URL
You may also want to experiment with the User Account Control Slider, slide it to the bottom and test application after rebooting the machine.
