http://dispo.se/2009/06/02/adobe-cre...ndows-7-64bit/
This guy got it to work in win7 64bit, something to do with the install path. You may also have to run it as Administrator. Right click on the icon for PS and select run as administrator from the menu. Google is your friend.
Virualisation is for running virtual machines, you shouldn't need that. You may have trouble getting 64bit drivers for some gear, most notably meade dsi, lpi etc, but most other stuff should be covered by now.
The next windows will not have a 32bit version.