You may Google Windows 7 Windows XP mode
At least according to this website, you should be able to run older applications/versions in XP mode in Windows 7:
Here is an excerpt:
Virtualizing the problem
With Windows 7, however, Redmond has provided a solution to the problem: Windows XP Mode. Windows XP Mode uses virtualization technology to let applications running on a virtualized copy of Windows XP show up in the Windows 7 Start menu and on the Windows 7 desktop.
Windows XP Mode is a downloadable add-on for Windows 7 Professional, Ultimate, and Enterprise. It has two parts: the virtualization software itself, and a disk image containing a pre-installed, activated, licensed copy of Windows XP Professional with Service Pack 3 preinstalled, complete with the glorious Internet Explorer 6.
The virtualization software is the latest iteration of Virtual PC. Although you wouldn't know it from the download page, this is available for any version of Windows 7 aside from Starter. You wouldn't know it, because selecting a version of Windows other than those previously listed removes the option to download Virtual PC. It shouldn't, though; it should only remove the option to download the Windows XP Mode image.
The download link is here: