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I don't see any reason why P3 3.1 wouldnt install.
Oracle Primavera knowledgebase states that P3 3.1 is not supported by 64 bit operating systems. Question is does the XP mode of Windows 7 Professional provide the 32 bit environment that P3 3.1 needs to load and function?
Windows Virtual PC / XP Mode in Windows 7 should allow old programs that could run in Windows XP.
Another alternative would be to use VirtualBox to intall Windows XP as a guest operating system in your Windows 7 laptop. You can then install P3 3.1 in this guest OS.