Well, another epic thread about it
If anybody finds a WORKING (tested for hours) solution to make it work on windows 7 (build 7100), post it here.
Anyway, I don't think it will be possible to make pb works until eb release a patch on its side.
But I suggest a workaround. If we can't make punkbuster work, we still can play atm WITHOUT IT, on pb servers
You need to uninstall punkbuster completely (registry, system32 files, appdata,etc..) but the pb game folder (needed to rejoin a pb server - as the game checks if you got it- ) then you will be able to run the game and play as long as you wish without any kick. The console will get crazy, with "error loading" annoying console lines, but this could be surely fix by tweaking the game cvars. (As example, use /seta con_gameMsgWindow1LineCount "0" to remove the lines with your cfg in read only)
I need your help to "completely uninstall pb", because I didnt manage too (got kicked for various reasons cause registry/files check remained), the only way working for me is a clean windows reinstallation, with keeping cod4 game folder, and pb subfolder. There is surely a way to remove all registry entries to allow the same behaviour as a clean Windows 7 install, I let you search for it
This worked with early windows betas, and may aswell work for other games.
I will update my post with your findings if you care to seek