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It sounds like your Windows 7 machine has a 64-bit processor which were not available when P3 came out. You have a compatability issues between the software and hardware as P3 was written for a 32-bit processor. Try and right click the install file and choose to run the install in 32-bit mode as an administrator if available.
You can always buy a cheap (under 50$) used laptop/desktop running 32-bit windows xp that would easily have enough power to run P3.