Bala,
it is possible to use Pro-e Wildfire-4 32-bit on Windows-7 64 bit OS machine. In case that setup.exe will not work, you can copy installation from 32-bit machine. I expect that it would be necessary to edit psf file in ProE\bin directory - see below.
// PTC - PSF file: proe
//
PRODUCT=Pro/ENGINEER
DESC=proeWildfire_4_0_M210
ENV=INTRALINK_DIR=
ENV=ILINK_CMD_NAME=
ENV=INTRALINK_CMD=%INTRALINK_DIR%\bin\%ILINK_CMD_NAME%
ENV=MECH_LP=__MECH_LP__
ENV=MECH_HOME=%MECH_LP%\i486_nt
PSF=%MECH_LP%\install\nt\mech.psf
ENV=PRO_MECH_COMMAND="%PRO_DIRECTORY%\bin\proe.exe" "%PRO_DIRECTORY%\bin\proeWildfire_4_0_M210.psf"
ENV=PATH+=%PRO_DIRECTORY%\i486_nt\deflib
ENV=PATH-=%PRO_DIRECTORY%\i486_nt\lib
ENV=PATH-=%INTRALINK_DIR%\i486_nt\illib
ENV=PATH+=__DFOR_PATH__
ENV=PTCNMSPORT=1239
ENV=NMSD_TIMEOUT=300
ENV=PRO_COMM_MSG_EXE=%PRO_DIRECTORY%\i486_nt\obj\pro_comm_msg.exe
ENV=PROE_START=%PRO_DIRECTORY%\bin\proe.exe
ENV=CDRS_DATA=%PRO_DIRECTORY%
ENV=PRO_IMAGE_CONVERTER=%PRO_DIRECTORY%\i486_nt\obj\convert_image.exe
ENV=PROGUIDE_DIRECTORY=%PRO_DIRECTORY%\uifdoc
ENV=SPG_DIRECTORY=%PRO_DIRECTORY%
ENV=PRO_USRMAIN=%PRO_DIRECTORY%\usrprog\umain\usrmain.c
ENV=PROTABLE_DIRECTORY=%PRO_DIRECTORY%\protable
ENV=PROTAB=%PRO_DIRECTORY%\i486_nt\obj\protab.exe
ENV=ZIP_EXEC=%PRO_DIRECTORY%\i486_nt\obj\zip.exe
ENV=CLHOME=%PRO_DIRECTORY%\text\pcldata
ENV=PVIEW_PROEPVIEW_HOME=%PRO_DIRECTORY%\apps\prodview
ENV=CV_ENV_HOME=__CV_ENV_HOME__
ENV=VC_VCONF_START=%PRO_DIRECTORY%\i486_nt\obj\ptcvconf.exe
ENV=DEBUG_HLP_DLL_PATH=%PRO_DIRECTORY%\i486_nt\lib\dbghelp.dll
ENV=PTC_D_LICENSE_FILE-=7788@server
ENV=PROE_FEATURE_NAME=PROE_xxx ()
RUN="%MECH_LP%\install\nt\pro_mech_env.bat"
RUN="%PRO_DIRECTORY%\i486_nt\nms\nmsd.exe" -noservice -timeout %NMSD_TIMEOUT% &
RUN="%PRO_DIRECTORY%\i486_nt\obj\xtop.exe"
// USER - PSF
// Add User specific environment or run applications below here
-----
Martin Hanak