Yes. On Windows it will install into the C:\Program Files (x86) folder. This is true for (almost) any 32-bit application installed on a 64-bit operating system.
I'm assuming, of course, that when you say 64-bit system you're actually referring to the operating system, and not, for example, running a 32-bit operating system on a 64-bit CPU. Some people refer to the latter as a 64-bit "system", which it really isn't.
In addition to Saverio's comments, your question is way too vague.
LabVIEW 8.0 is very old and obsolete. It is no longer even listed on the LabVIEW OS support matrix.
(For example LabVIEW 2009 is the first version supported on Windows 7 (32 or 64 bit))
Please provide more detail.
Then you will need to look over all the other questions that people have asked about installing old versions of LabVIEW on Windows 7. Believe me, there have been lots of them. In short:
Sorry, but that's reality. I don't make it, I just suffer through it like everybody else.