Yes, I know... I could set up a virtual machine running XP. Unfortunately our build environment is such that we need to be running VC2003, 2005 and 2008 concurrently and it
I wrote a blog entry about this a while back that you can check out - http://technikhil.wordpress.com/2010/01/12/visual-studio-2003-and-windows-7-can-get-along-really/
The only thing I am stuck on right now is the global search functionality of VS 2003 - it hangs the application. My workaround is to use windows 7 search :-). Other than that - so far so good...
Update: I got the search to work as well by disabling the Aero functionality - I have updated my blog post with the details...