Just to save some time and disk space, have you tried running the program / installer in XP compatibility mode? That's worked for at least one of my balky programs. On the program file just right-click / properties / compatibility / select the OS compatibility mode you want to try. May just save you from dual-booting.
The XP Mode in Windows 7 works great. However if you don't have Windows 7 Pro, (but have your old XP cd), you could always try running a free VM software too. Fairly straight forward to set up and run.
With either the XP Mode or other Virtual Machine you would have access to your program without having to reboot. Although dual booting is fine when done correctly, in my opinion running a VM is the best way to go in your situation .....