In case anybody is curious about this, it works!
Actually, its been working better on Windows 7 than it did in XP for me. XP was locking up quite a bit when I was loading compositions for some reason.
The below information might be redundant, since its the same process for Vista... but I thought it might be useful if someone was considering trying it out.
To get it to work in Win 7, you will need to go to microsoft.com, search for dxwebsetup.exe, and download it. It will recursively update all your missing Direct X stuff.
I also applied all the available updates from http://www.visualjockey.com/beta.htm
After that it works great!
