Go to 'Run' (winkey + r) and type in 'eventvwr'. In eventviewer go to windowslogs, after that to applications.
Search in there for the game you are playing (the name of the original file, not shortcut) and post the information here.
edit: to not dodge your question: yes it is possible it won't run on 64bit systems, although those are usually very old games which you can still play with minor tweaks.
I am not that familiar with virtual OS', but the XP mode on win7 does not detect my GPU, so it'll be pretty pointless.





