Ok, folks, I figured out how to get the formula compiler working in Win7, but it will take a bit of work. What you need to do is go to Microsoft and download the virtual XP machine.

Go here:

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

Follow the instructions and download the XP Mode files. When you get it installed, run it and install FE there. Everything should work. 

Get in touch if you have any problems.

Dennis