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Some people have had luck right-clicking on the setup.exe file and selecting to run as administrator. That worked for me to get LV 8.2 installed under Windows 7. If all else fails, you can install XP Mode and run it that way. I have LV versions from 8.0 all the way back to 5.1.1 installed that way (i.e., in XP mode).
XP Mode is definitely the way to go. However, note that XP Mode runs in a virtual machine, so if your executable runs a data acquisition task you might encounter some problems.
John B. Embedded Networks R&D National Instruments Certified LabVIEW Developer