You may have to contact Corel for an upgrade from CorelDraw 8 (hopefully at a reduced price) to a later version. If not you can try the Compatibility Modes available to you, or a Virtual PC solution.
Is Corel Draw 8 for Windows still gettable?
http://ask.metafilter.com/129580/Is-Corel-Draw-8-for-Windows-still-gettable
Make older programs run in this version of Windows (Windows 7)
http://windows.microsoft.com/en-us/windows7/Make-older-programs-run-in-this-version-of-Windows
Windows 7 Compatibility Center
http://www.microsoft.com/windows/compatibility/windows-7/en-us/default.aspx
Windows Virtual PC
Download Windows XP Mode
http://www.microsoft.com/windows/virtual-pc/download.aspx
Windows XP Mode (Windows 7 only, but not any of the Home versions) "You are not eligible to download Windows XP Mode. You must have Windows 7 Professional, Enterprise, or Ultimate to run Windows XP Mode". You processor type must support this option too. It does come with a free and activated version of XP.
This covers the whole gambit of virtual machines in "Home" versions if you want to have a look at it. Of course you will need a licensed copy of XP, or an old 98 or ME CD to install and run in any of them.
VirtualBox is an impressive VM contender