Bugger!
I missed the 'Win 7 64bit' part.
Nocav, what is your install location for SH3? Win7 will not let you
alter/modify any files within the Programs (any) directory, they are protected.
Force SH3 to install to a location that you choose (avoid the default path). Then patch the game (if required).
Run the game once.
Then try installing GWX (as admin).
To save your sanity (space permitting), when you have a working copy of SH3 + 1.4b patch, copy the entire Silent Hunter folder to a back up location. If you ever need to reinstall, just delete, copy and paste.