Found this on another forum which may help\;

Microsoft has a free download for Vitural PC. With this program running in your Windows Vista 64 bit environment, you can run a Windows XP 32 bit environment, and launch an MS DOS environment from there. Additionally, you can create as many of these virtual environments as you want.

Unfortunately, Microsoft requires you to have both a Windows XP licience iand a Vista Licence if you are going to run both Vista and XP (even with one in the virtual world). If you own a regerestered copy of XP, I'm told that a work around to this potential problem is to reinstall your virtual XP environment when the preceeding one experies it's 30 day registration requirement.

Or; Download virtualbox from Sun for free and run a virtual instance of win xp 32bit, win vista 32bit ...I would suspect licencing for whatever os you choose ie XP or Vista would also apply after the trial period. I have never tried this , just reporting what I have found

There is a very good tutorial from the Howtogeek linked below with lots of screenshots to aid the job.

Gene mentioned activation being required but the quote below taken from here says differently since July

Licensing model changes for virtual Windows desktops: Beginning July 1, 2010, Windows Client Software Assurance customers will no longer have to buy a separate license to access Windows in a VDI environment. In addition, on the roaming-rights front, as of July 1, 2010, Software Assurance customers and new Virtual Desktop Access customers will have rights to access their virtual Windows desktops and Office applications hosted via VDI on secondary, "non-corporate" network devices, like home PCs and kiosks

Here is a link that might be useful: A good XP mode tutorial

32-bit and 64-bit Windows: frequently asked questions

most 32bit programs will work fine on a 64bit machine, the problem arises if you need different drivers, if the program does not work and needs special drivers you should contact the manufacturer and request them, they may have them and not easily found or if enough requests come in they will make them.

Have you tried the program to see if it functions at all and if not what errors it gives or what exactly happens?

I'd try Windows 7 compatibility mode. See what it does.

Here is a link that might be useful: windows.microsoft.com

One frustration that comes to mind with the 64/32 bit saga is the length of time its taken Adobe to come up with a 64bit Adobe Flash Player...I know there it is usable with a 32 bit browser but its a pain in the groin having to drop down to a 32bit while you are on a 64bit browser in order to see some vids...what's it been, a year and a half/two years since Win7 came out