It seems to me that only the release M130 of v.4 (or M140) will run on W7-64bit, I'm not sure, that's what I read on some forums.
Yes, I forgot to say that I have a 64b W7.The student version that I download from PTC is a v.4 M92 and the installation crash all the time. I asked ptc support and they answer me that v.4 is not supported on W7-64b, and that I have to go on wildfire 5, but my school use v.4 and I want to be compatible.
So I use now virtual-pc with a XP machine... and the installation goes 100% ok*. Then, when I start wildfire, an error message appears about windows terminal services and uncounted license... but I have a valid .dat license file, with the good physical adress, checked with ipconfig /all !
*only after I put the CD1 and CD2 directories directly at the root of C: (C:\PTC\...)
I don't know much about XP mode. If your ProE installation directory is visible in Windows 7, then you can launch proe.exe from PROE\bin directory also from Windows 7 (not from XP mode). In the past I run ProE many times on unsupported Windows version without any problem.