The PhotoSuite 4 program is very old and won't work under Windows 7. http://sonic.net/mnitepub/pccafe/reviews/photosuite4/photosuite4.html
says that the version 4 Platinum edition ran under Win95-Win2000 versions of the Windows OS. Thus even the compatibility mode probably won't help under Windows 7 32-bit. You can try it though by right clicking on the installer and then selecting Properties. In the Compatibility Mode tab, select Always Run this program in the compatibility mode and an older version of Windows. Then right click again and choose Run as Administrator. (You may have to do this again on the program itself.) Since Win7 64-bit requires signed drivers or programs, it is not as likely to work. (Check your version of Windows 7 by clicking Start > Control Panel > System and Security > System. If the title of your OS ends with x64, you have the 64-bit OS. Otherwise, you have the 32-bit OS.)
If you have Windows 7 Pro or Ultimate (or upgrade to one of those versions), you can run a virtual version of XP for free. Download and install Microsoft's Virtual PC and then XP mode (in order). This works best if your CPU supports virtualization and you enable the feature in your computer's BIOS. (There are work-arounds for computers without virtualization. See the MS support pages.) Install your PhotoSuite inside the virtual XP program in that case.This old software may run in that case. (However, I've had some Win2K software that ran under XP with the compatibility mode but didn't run under the virtual XP. Note: virtual computers do have some additional limitations. They do not talk to the host hard drive and other hardware directly. (You can install a printer on the host machine or the virtual machine but not both.) You'll need to save files on external media (flash drive, optical disc or other hard drive) to transfer them between the machines).
Another option is to run an older version of Windows on another computer, as a dual boot computer or with Virtual PC (or another virtual computer package - VMWare or Parallels). In that case, you need a licensed version of the older Windows OS. Again install the program while running the older OS.
The final option is to upgrade to a Windows 7 compatible Photo editor and organizer. (Even the Microsoft Windows Live Photo Gallery has some of the features of Photosuite SE.)
I hope this helps.