I've used this program for years and I had to update to a Windows 7 computer. The program works but won't let me burn a dvd, says it doesn't recognize a dvd burner. I did re-register but it still won't work. It also doesn't have the extra transitions and menu layouts that I had purchased back then. I need this to work the way it was on Windows Vista.
The issue is with the burn routines which donot recognise a more modern DVD burner - you can try installing the Windows 8 burn routines from here to see if this works.
If they do not then you would have to update the program to a later version of Photostory which is supported on Windows 7 - eg from Ebay - due be careful not to purchase a used version as it may not be registerable - ideally you need an unused sealed boxed version.
The current version is not supported on Windows 7.