Here is the workaround provided by Microsoft to get any OTM version below v4.5 to work with IE 7.0.
http://www.microsoft.com/windows/pro.../ie/iefaq.mspx and the question is
"
My favorite websites don't load correctly, or don't seem to work at all in Internet Explorer 7. What should I do?"
Answer: If you encounter a site which does not recognize Internet Explorer 7, a new tool known as the User Agent String Utility has been created to help you work around the problem. The utility comes in the form of a small executable that opens an Internet Explorer 7 instance that emulates Internet Explorer 6 by sending the Internet Explorer 6 user agent string. It also provides a mechanism for you to report problem web sites to Microsoft so that we can follow up with the affected site owners.
Download the tool.(
http://go.microsoft.com/fwlink/?LinkID=70356)
Thanks
S.Prabhakar