First off, why would not being able to install version 5.0 prevent you from installing Photoshop CS2?
All upgrade versions have always been able to be installed standalone provided you offer proof of owning a prior version. At one time the installer would ask you to put in the disc from the earlier release, but at some point (not exactly sure which version) they switched to just asking for your serial number from the prior version. Read the installer prompts carefully.
As far as what versions can be made to work on Windows 7... Pretty much all of them can be made to work, though some have problems (version 7 for example can't handle really huge disk drives). I personally have Photoshop 6.0, CS4, CS5, and CS6 beta all installed on a Windows 7 Ultimate system, and have run Photoshop CS2 and CS3 on virtual Windows 7 machines. To best run the very old versions you may have to run the installers and applications As Administrator or disable Microsoft's UAC facility (such compatibility is why they provide the means to disable it).
Thanks for that info. I'll give it a try. I just assumed 5 had to be in there somewhere.
I'll post what happens.
Ok, That worked. I guess I get a big DUH! I just don't do this stuff often enough.
Thanks again, Noel.
You're welcome; glad you got it going! Enjoy your new system.