No, that was a little program that came out with the very first dual cores used when XP was the latest and greatest. It fixed a time stamp problem with some old leftover Win95 games that had problems running the right "speed" with the new dual core processors. But that has been fixed in Windows since XP service Pack 1 I think, and it is not needed with Vista or Win 7.
As said above, you might try running it in compatibility mode, the problem is likely Win7, not your hardware.