It is true, there is a lot of XP 32 bit software that will not run on Windows 7 64. I have Ultimate and Pro and tried both, and tried the compatibility mode , read everything I could on line at each software forum etc.
Nothing below Wave lab 7 runs, so I had to pay to upgrade. Nero 6.6 the same story.
Easy solution is keep an old beater P4 running and use it when needed. I have enough spare parts to run Window Xp for another 10 years and that's my plan. Just because they say they are dropping support means zilch really. All that security hype. Baloney, stay away from ****-y web sites. Better yet unplug it from the net.