*** UPDATE ***
I installed a fresh copy of Windows 7 Ultimate 32bit on a spare PC.
I have fully installed ETKA 7.2 through update 778 and it works like a champ.
On my main PC which is a Windows 7 Ultimate 64bit, I had to install the Tecar version of ETKA with a special 64bit patch for ETKA7.exe. This gets it running but, it can't be updated now.
So in conclusion, you can get ETKA 7.2 to run on Windows 7 32bit but, without updates on 64bit.
........I'd rather have updates.