It may be possible if you have 7 Business / Enterprise / Ultimate with XP mode. Otherwise as long as you have an XP license, you can run VMWare or VirtualBox and use XP in a virtual machine.
VMWare Player (free) now lets you set up a machine from scratch. It had Direct3D 9 support. VirtualBox, also free, has no Driect3D support but it is very fast and may just fit the bill.