Hi,
I installed Adobe Premiere 1.5 (AP1.5) after upgrading from XP to Win7. The steps I took were as follows:
I copied the AP1.5 installation CD files to a new folder and right click on the setup.exe within it, then Compatibility Tab and checked to run compatibility box and selected WinXP SP2. Then executed the setup.exe from within that new folder and it installed fine.
I did however installed a AP CS3 first. I read another forum that some installed a free trial of the latest Adobe Premiere and that's how they made 1.5 come alive.
With that said, I think that the reason I did not have a problem was because I had already installed Premiere CS3 first, which made the second installation of 1.5 run fine.
I should also mention that I tested a quick edit and rendered a movie clip fine, but the only problem I encountered was that it wouldn't recognize my burners when you Exported directly to DVD, which is not a big deal since I usually use Encore or any free video converter like freemake.com after the projected has been exported to make movie/file. But I don't know if my DVD recognition issue is an isolated issue with my hardware. Just thought I'd share that bit. Hope that helps.