There may be incompatibilities with running a program that precedes an OS by almost a decade. Have you considered running a virtual environment with an old copy of Windows XP?
How would I go about running a virtual environment with Windows XP?
For Win7 PRO or greater
Also... you MAY have a permissions problem... did you right click the EXE and choose running as Administrator?
Other Win7 reading
Win7 Help http://social.technet.microsoft.com/Forums/en-US/category/w7itpro/
Win7 Configuration Article http://windowssecrets.com:80/comp/100218
Win7 Monitor http://windowssecrets.com:80/comp/100304
Win7 Optimizing http://www.blackviper.com/Windows_7/servicecfg.htm
Win7 Adobe Notes http://kb2.adobe.com/cps/508/cpsid_50853.html#tech
Win7 Adobe Update Server Problem http://forums.adobe.com/thread/586346?tstart=0
Win7 Photoshop http://forums.adobe.com/thread/511916?tstart=0
Win7 God Mode http://forums.adobe.com/thread/595255?tstart=0
Have you verified with Microsoft Windows 7 Compatibility Center that the software is indeed compatible with Windows 7? The Microsoft Windows 7 Compatibility Center is available here: http://www.microsoft.com/windows/compatibility/windows-7/en-us/default.aspxhttp://bit.ly/1gW6Ns and can be used for both hardware and software concerns.
If the application is not compatible, have you considered using XP Mode / Virtual PC? To learn more about XP Mode, please see the following link: http://www.microsoft.com/windows/virtual-pc/download.aspx
Microsoft Windows Client Team