32bit programs can be used just fine on 64bit Windows.
What you are trying to run is most likely a 16bit application, however - which could be run on Windows 9x, but not on 64bit OSes anymore, because the 16bit subsystem has been removed from there.
You'd need a virtual machine and install a 32bit OS inside (and execute that 16bit application there) - something like VMware or Virtual PC, the later actually being part of Windows 7 ("XP mode"), but not the Home edition, I'm afraid.