Windows 7: Setting Local Policies manually through the Registry Win7 HP

Hello, I am having issues trying to run a PS2 emulater, which requires access to the physical memory in order to run 'real time'.

The error ->
Failed adding SE_LOCK_MEMORY privilege, please check the local policy.
Go to security settings > Local Policies > User rights. There should be a 'Lock pages in memory".
Add your user to that and log off/on. This enables pcsx2 to run at real-time by allocating physical memory.
(Gives explanation for Win xp policy edit after this)
<- Error end.

I have gone through several forums and IRC rooms and have come to the conclusion that due to my OS type not being supported by Microsoft, (OS is Windows 7 Home Premium), and so i cannot access gpedit.msc nor any of the other methods which worked for increasing user rights in previous versions of windows. So I am attempting to manually go through regedit in an attempt to increase my user privileges as an admin however I am new to this and would prefer not shooting and missing.

My request is as follows;
1.If anyone has any information on how to install a form of gpedit.msc.
2.Information on a variation of the PS2 emulator in question(which does not require access to the physical memory).
3.Or any information regarding the location of the registry key which would allow me to elevate the privilege in question.

My apologies if I have posted in the wrong section, I could not find one pertaining specifically to registry editing.

Arek