I've tried compatibility mode and the troubleshooter and got it to install but running it (and just before "NetMeeting has been installed successfully."), it returns this error:
conf.exe - Entry Point Not Found
The procedure entry point ASN1PERDecZeroTableCharStringNoAlloc could not be located in the dynamic link library MSASN1.dll.
I noticed that in Windows XP MSASN1.dll is located in %SystemRoot%\system32\dllcache so I thought if I copy MSASN1.dll from Windows XP to it's equivalent folder in Windows 7 it might work, does anyone know he equivalent folder? Then again I tried removing MSASN1.dll from it's folder in Windows XP and NetMeeting still ran so maybe not but it's worth a try.
Edit: The reason I don't want to use a virtual machine is because I wan't to use remote desktop sharing to connect from Windows 2000 to Windows 7 and vice versa, if I used a VM I would only be able to connect to the guest Os within Windows 7 rather than Windows 7 its self, and, virtual machines take to long to stat especiually just to run one program.