YEs it runs,but it does not run well if i may say.
Im using WIndows 7 x64 and game has 1 big problem:
evry 0.5-2 seconds it stutters.Then it works ok and smooth and then again stops for very,very short period of time.Sound is ok but map,sonar,cockpit etc has stutter.It is not so annoying if you not looking at 3D screen or if you are not in cockpit.
I tried all possible compatibility options and newest drivers etc but NOP no joy.Stutter remain.
I have to say that id did not CTD ,even not once,and it can be played ok if you are ready to accept that "little" problem.But then this is OLD game,it was released even before Vista showed up so i guess this is not bad at all.Many games from that period are refusing to start at all..