Hyper Terminal works fine in Vista and Windows 7, it just isn't included in those operating systems. I have had no problem running it in Vista 64 bit. Read this article and download the zip file. Just make sure as mentioned you place the two files in the same folder.
Glad it worked out for you. I created a folder in C: \Program Files and named it Hyper Terminal and extracted the zip folder content to that folder. Then made a desktop shortcut to the executable and it has worked fine for me. The important thing is keeping the .DLL and .EXE together in the same folder.