Hi PanzerSaturn6
I'm Wilfredo S an Independent Advisor
Describe and what has been investigated for years that Games for Windows Live was closed, some other users have been able to enjoy Fable III, however, it is possible that this specific version may not have online connectivity.
So I want to say that you should still be able to install and play it. There will simply be no GFWL features
I am going to leave you with information that can be very useful, which is described in one of our community threads and other suggestions by the Steam community
https://answers.microsoft.com/en-us/xbox/forum/...
https://steamcommunity.com/app/105400/discussio...
Note: This is a non-Microsoft website. The page appears to be providing accurate, safe information. Watch out for ads on the site that may advertise products frequently classified as a PUP (Potentially Unwanted Products). Thoroughly research any product advertised on the site before you decide to download and install it.
I hope it helps you