You can keep UAC set at it's max. Right click the application's icon and select "Properties". Now, select the "compatibility" tab. At the bottom of the compatibility dialog box, uncheck the box that says "Run This Program as an Administrator"
If the box is already unchecked, the software may be too old to have a digital signature compatible with windows 7. A lot of older programs will run fine this way but you have to put up with UAC, or, as Karlsnooks said, just turn down UAC a notch.