I typically use Inkscape for vector drawings, but I did install an old copy of Flash 4 for the purpose of playing with (Newgrounds-esque) animation. I wasn't expecting it to run under Win7, but it did...after complaining that it couldn't update the Registry, but ran without incident after that.
I wonder if using the compatibility options on the EXE will fix the error dialog, but I'll live with it for now
(unless someone does something completely off-the wall bonkers and grafts an animation module onto Inkscape, or creates a Flash work-alike with Inkscape's drawing tools*)
*(because while Vectorian Giotto intends to be a Flash work-alike and will output SWF, you need acute masochistic tendencies to actually get to the point of making an animation with it)