Already tried that, it doesn't run in XP mode either. The error relates to some graphical mode not being supported.
I posted the same question some time back, and it appears there is nothing you can do short of running the game in a VM. It works just fine on 32bit W7 though.
I finally got to play the game again by downloading the GruntMods edition from here:
http://www.gruntmods.com/
The friendly folks over there created a modded version of the game that works just fine in W7 64. It also features some minor improvements, such as the ability to play any mission in the campaign by selecting it from a menu. Well worth checking out.