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Have you tried XP compatibility mode or virtual mode? The VM is a free download from Microsoft.

http://www.microsoft.com/windows/virtual-pc/download.aspx

I think it's also possible to dual boot...

Check out the other threads in this forum, including the BSOD issues. Gameguard is finicky about what is running, particularly under Win7, even the razer deathadder mouse driver can cause issues.