Had the V41 emulator running on my Windows Vista Ultimate machine without any problem. When I just upgraded to Windows 7 I started to get Memory Lost and exit errors. Tried a clean install with no luck.
Followed the FAQs and did a clean install in a folder other than the C/Program Files folder - in fact i put it on a different drive q/Program Files. After that it has worked perfect.
Thanks for the FAQs and happy to confirm it works.
[Also have an emulation running on my iPhone - just can't beat a 41]