Zachary, Vista was designed not backwards support W95 type software.
I can't see Windows 7 would be any better. It might support Vista software, but that is about all.

Virtual machines for ‘legacy’ software

There have also been indications that Windows 7 will use virtualisation to run any software that hasn’t been specifically written for Windows 7 or using Microsoft’s .NET language. 7‘s use of virtual machines to run these ‘legacy’ applications was leaked on Microsoft’s own Channel 9 community forum in July in a (quickly removed!) thread. While it's a novel approach for Microsoft to take, it's certainly not a first. Apple migrated users from its Mac OS Classic environment to Mac OS X by loading the classic OS in a virtual machine of sorts if users needed to run one of their old applications. At this early stage, no-one can guarantee that any feature will definitely be on the Windows 7 roster.