This error is typical not only for 7, but also for subsequent Windows 64-bit.
Delphi 2007 and 2009 are susceptible to the "Assertion failure" error.
There are two ways to solve this problem.
1. Backup the library bordbk105N.dll (Delphi 2007) or bordbk120N.dll (Delphi 2009). For Delphi 2007 the location is "%ProgramFiles(x86)%\CodeGear\RAD Studio\5.0\bin\bordbk105N.dll", for Delphi 2009 the location is "%ProgramFiles(x86)%\CodeGear\RAD Studio\6.0\bin\bordbk120N.dll".
Open the library file in hex editor. As for me, I use mh-nexus. Look for hex string in the file "01 00 48 74 47 80 3d". There is only one(!) HEX "01 00 48 74 47 80 3D". Change it to "01 00 48 EB 47 80 3d". "74" is replaced with "EB". Save.
2. Try to find the in the internet the ready-to-use patcher Delphi_2007_2009_WOW64_Debugger_Fix.zip (Delphi_2007_2009_WOW64_Debugger_Fix.exe)