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 have attempted to install VS2003 on Windows 7 64-bit using the Virtual Windows XP feature. I'm reasonably certain that this will be successful. The issue I ran into is that the installer wants IIS installed, and the XP installation provided by the Virtual XP doesn't have that enabled by default.
If you go to Add/Remove components, and try to add it, it will ask for the disc, which I didn't have on hand. Once I get my hands on the disc, I'm pretty sure that it will run fine.
If you haven't tried it for other apps, the Virtual XP feature is really neat...