Nruddock is referring to the method the old DAZ installers unzipped content to the Poser folders.  They automatically searched your harddrive until it would find Poser.exe or specifically target your Program Files folder in search of aforementioned file.  A tremendous pay if you are attempting to install into PoserPro or PoserPro 2010.  You can halt this process by canceling the search option, and manually selecting where your Poser.exe is residing.

It has been quite some time since I installed M3 on my computer, and I do have a W7 computer primed for 64bit PoserPro 2010.  I should try an install of M3 and his morph pack to troubleshoot this issue better.