Also could be a problem with the output filename including illegal characters, trying to overwrite a protected file, disk full, and similar disk operation problems.
Martin
PS: As far as I remember, error 7 also occurs if not all subVIs are included in the executable. Most are included automatically, but the dynamically called VIs you have to include manually. Check the "VI settings" pane to see if all relevant VIs are included, and if not, add them at the "Source files" pane.