Three things to remember:
(1) If you upgrade from XP or Vista to Win 7, you must re-install Ship Simulator 2008. Windows 7 stores some information in a different location and their upgrade installer does not move the files around correctly. They go into the correct plkaces when you reinstall.
(2) When you install the game, don't use the auto install of the CD (if that is your original source). Find the setup file and right click on it, then select "Run as Administrator. If you have a downloaded installer, right click on that and select "Run as Administrator". That should make it work correctly.
(3) When you start the game, if you get the "channel missing" message, do not install an updated version of Questviewer. Just exit and delete the following folder:
C:\users\[YOUR USERNAME]\AppData\Local\VirtualStore\Program Files\Vstep
(just the Vstep folder)
If you have the 64 bit version of Windows 7 you'll find it here
C:\users\[YOUR USERNAME]\AppData\Local\VirtualStore\Program Files(x86)\Vstep
Then restart and all should be OK.