I have not tried SW2007. But I have tried with SW2008 and did not have good results. I would expect Win7 to not work with SW2007 very well either.
You could run in Windows 7 Virtual PC mode, but you will need the Pro version of Windows, not the Home version. SW will run dog slow in Virtual XP mode. I have tried that as well for SW2008. Not an option for real work.
The OP was concerned about an environment not supported by SW, ie., W7 with SW2007.
I have not had problems with SW2009 and W7, but SW2010 on W7 Home has been a struggle with many crashes of SW and the Windows system.
"no visible means of support"
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Hardie "Crashj" Johnson
SW 2010 SP 2.1
HP Pavillion Elite HPE