See this page for a full guide to dual-booting almost every major combination. That modern soundcard driver won't work on a ten-year-old operating system, even if it works the other way round.
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It's not just a case of running the setup routines, though – you'll need to install them in the right order, partition your drive and have devices that each version can use. If your software doesn't run directly, you can set up a dual-boot system and install both operating systems. The other options on this screen, including 'Run in 256 colors' and 'Run in 640x480 screen resolution' do exactly what they sound like, but are rarely useful these days. Set the program to run in compatibility mode for any of the supported OSes, which range from Windows 95 to Windows Vista, along with their service packs. This rarely seems to work, but it's worth a shot. Right-click a program, choose 'Properties' and open the Compatibility tab. Short of emulation, your only option for old Windows programs is a compatibility mode. For an alternative, try VMWare Server (free) or Workstation (£143), from You'll have to supply the copy of Windows yourself though, and install it from scratch. Otherwise, grab Virtual PC 2007 from the same place.
If you have the Professional, Enterprise or Ultimate edition of Windows 7, you can download XP Mode – which is really Virtual PC – for free.