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With Windows 7, Microsoft offers Windows XP Mode, which is a virtualized installation of 32-bit Windows XP Service Pack 3 running side-by-side with the primary Windows 7 operating system.
Windows XP Mode is only available on the Professional, Enterprise, and Ultimate editions of Windows 7.
The 32-bit edition of Sandboxie can be installed into the 32-bit Windows XP running within the 64-bit Windows 7. Thanks to the seamless integration of Windows XP Mode into the Windows 7 environment, 32-bit Sandboxie can function reasonably well within a 64-bit Windows 7.
Windows XP Mode is easier to use than a stand-alone virtual machine running Windows XP, as it is better integrated into Windows 7. It also includes a licensed copy of Windows XP. However, this improved integration also exposes your Windows 7 system and documents to malicious changes originating in the Windows XP Mode operating system.
With Sandboxie, you can have a web browser which is isolated within its own sandbox, making it more secure than your web browser running directly on Windows 7.
The official Microsoft site for Windows XP Mode includes download links and installation videos:
An unofficial step-by-step installation guide for Windows XP Mode:
Once Windows XP Mode is installed into your Windows 7, here are step-by-step instructions to install Sandboxie and Firefox:
Windows 7 Start Menu > All Programs > Windows Virtual PC > Windows XP Mode Applications > Sandboxie