If you have Windows 7 32-bit, the XP driver will probably work. http://www.driverguide.com/driver/detail.php?driverid=754345
has a copy. However most copies of Windows 7 are the x64 version. To check your OS version, click on Start and choose the Control Panel from the right hand column. Click on the System and Security link and then the System link. Read the version information. If it ends with x64, you aren't going to find a driver. You can try the compatibility mode with this driver but it often doesn't work for drivers. (Right click on the exe after downloading and choose properties. Go to the Compatibility tab and try setting it to Always Run in the compatibility mode with XP. Then right click again and choose Run As Administrator.) You may need to repeat this for the installed software as well; note the folder destination for the files.
If you have Win7 x64 and the compatibility mode fails, you would be better off upgrading to Windows 7 Pro and installing Virtual PC and XP mode. Then use the above driver in the XP virtual computer that is created. Alternatively, look into getting a new racing wheel controller that has a Windows 7 x64 driver.
This product was produced for systems with 16-bit and 32-bit versions of Windows. Since Microsoft requires digital signatures on x64 drivers, there would be significant costs to writing new drivers and getting them approved and signed. I'm not sure Game Elements is still in business.
I wish that I had better news for you.