I would like to install CorelDRAW 12 in Windows 7. I knew it was not working well though CorelDRAW 12 can be installed to Windows 7 because it's not supported with Windows 7.
I don't use the product, but
according to the Corel web site the latest X5 product installs and runs just fine under Win7. Upgrading (though apparently not cheap) might be an alternative.
XP Mode is really only required as a very last resort, for programs that absolutely do NOT install or run under Win7 but WOULD install and run just fine under WinXP. And that is mostly very old 16-bit DOS/legacy programs.
Even some 32-bit programs won't run on Win7 but I suspect that may be for some remnants of 16-bit DOS original programs inside of them, as part of their product evolution. Or, maybe they are too "intrusive" and were architected based on the older Windows OS's. That got them put on the "black list" and actually Win7 won't even let them be installed. For example, I couldn't install Corel WordPerfect 7 on Win7, which was a problem because I used the Address Book component and didn't really want to give it up. I couldn't install Sonic's Backup MyPC v6.0 at all, and had to find a replacement (I went with NovaSTOR's NovaBACKUP which was Win7 compatible, and actually a CURRENT PRODUCT that was actively supported by its vendor, which is also quite important to me).
Eventually, I decided to just go with another software product that was usable on Win7, and migrated my old Corel WP7 Address Book data to the new program's format (by EXPORT -> IMPORT) and I was done with the problem. I didn't want to get involved with Virtual PC and XP Mode, although I do recognize the huge benefit of such a capability if it is absolutely necessary.
Of course, if you have an old legacy program that simply doesn't have a new "modern" version which works under Win7, or you don't want to pay for an upgrade to a Win7-compatible version, or perhaps you can't find a reasonably priced similar program from a different vendor software product which is an acceptable replacement alternative, then XP Mode could be your absolutely last resort.