Can I use a VBScript file as a Windows 7 screensaver?

Question

I'd like to use a VBScript file as a screensaver in Windows 7. I have tried setting the following in the registry:

[HKEY_CURRENT_USER\Control Panel\Desktop]
"ScreenSaveActive"="1"
"ScreenSaveTimeOut"="10"
"ScreenSaverIsSecure"="0"
"SCRNSAVE.EXE"="%PROGRAMFILES%\\myscript\\myscript.vbs"

and

[HKEY_CURRENT_USER\Control Panel\Desktop]
"ScreenSaveActive"="1"
"ScreenSaveTimeOut"="10"
"ScreenSaverIsSecure"="0"
"SCRNSAVE.EXE"="%WINDIR%\\System32\\cscript.exe %PROGRAMFILES%\\myscript\\myscript.vbs"

but nothing seems to happen after the timeout. What is the correct way to set this up?