Before we go into how you might get pse1 to work on windows 8, we need to know how big your hard drive is
and how much free space you have.
If your hard drive is 1 tb or bigger then trade offs to get it to work probably won't be worth it.
A lot of times older programs run better on the 32 bit versions of windows than they do on the 64 bit versions.
Honestly you'll probably be off upgrading to pse 11 as it runs much better on windows 8 x64 and has some nice features you might like.
If you want to try pse 11 for yourself to see if it suits you, download the 30 day fully functional trial of pse 11.
Okay, now that you got the recommendation for a new product out of the way, please continue with your original thought: Before we go into how you might get pse1 to work on windows 8
I'm in the same boat. New computer, Win8, trying to get PSE1 to install. My hard drive is 320GB. Every time I try to install, an error message tells me I need IE4.0 or newer. I tried changing compatibility to all the other available (older) options, but still get the same error.
So I'm interested in the secret magic trick to make this happen!