If you're asking whether installing the game will hurt your computer, it probably won't. But it's unlikely to play if it doesn't get along with a version of QuickTime that works on Windows 7.
It would be cleaner and easier to get to play if you played it on Windows 95 or 98 inside Virtual PC. You can get Virtual PC for free here
http://www.oldversion.com/Virtual-PC.htmlThe 2007 version should work with Windows 7. I'm not sure about the 2004 version. You'll need a copy of Win95 or Win98 to install inside of Virtual PC.
If you try it in Windows 7 natively (in other words, without Virtual PC), let Draclvr know your results and whether it works with the current version of QuickTime.