Well, in case your wondering, I have decided to answer my own post (since no one else will).
To use
FairUse4WM on win7, your best bet is to use VMwareplayer (it's free),then install a version of xp on it.
Microsoft are giving away xp sp3 professional for windows 7 users (if you search around even those on "win7 starter" can use it).
(see also "how to activate windows xp without a genuine...." if you need to).
Then add wmp10 and fairuse etc. I can confirm this works just great.
Windows 98/me etc is a none started go straight for xp.
I did try install wmp11 directly on win7 - but this proved problematic!
Also, if like me your really interested in bbc iplayer stuff -
get_iplayer is back up and running thanks to the lynx people
Cheers,
Sidney.