In fact, VirtualBox is a better app, but you do need an OS (XP, 2K, Linux?) to install within it. If you dont have 7 Pro or above, you still have a shot at this. Go to the forum interface, the long black bar with all of the forum's options. Click "Search", make sure that "threads" are checked. Type in "vm lite" w/o the quotes, click OK. About a dozen or so threads down, there is one titled "XP Mode in Windows 7 w/o Hardware Virtualization". That's the one you want.
Read the first post carefully, what you'll be getting is the same XP Pro SP3 (pre-activated for you) that comes with the Windows program that requires you to have Pro or above. There are two parts to this, as you'll see. The first, VMLite Workstation, you'll have to register to get, but it's free. You'll need this first, so go ahead and download it. The next (XP Mode) is a long download, depending on your connection, if it's slow, bedtime would be a good time to download it.
There's also a tutorial or two to download, too. They may be helpful, especially if you've never ran a VM before. In fact, it was my first one. I installed it to help a fellow member here, as I recall. The member, like yourself, had an older program to install within the VM, and it worked out well for the member.
suenay, should you require further assistance, always feel free to post back. As you've seen, there's plenty of help around here. Good Luck!
Cat