Some software requires me to setup an ODBC Text Driver.
In the Windows 7 Control Panel > ODBC Data Source Administrator, the only driver available is "SQL Server".
How do I find/download/install a Text driver?
The 32 bit drivers are available in Windows 7 64 bit.
Same question came up on StackOverflow here.
According to what they found, it looks like the answer is it's been depricated in Windows 7 32-bit (it's been removed, and replaced with more modern alternatives), and all but non-existant for 64-bit versions.
So basically, your software doesn't sound like it's Windows 7 compatible. You may want to check into using Windows 7's "XP Mode", or contact the authors for a new version.