Have you actually tried using a virtual machine like Virtualbox?
If it doesn't work in a vm or wine, the only solution would probably be a dual boot. If you have the time, you could try to reverse-engineer the program and see how it does the lockdown and possibly disable that part of the ASM code.
If you really want an unobtrusive stripped-down version of Windows to use, you can go with any version of TinyXP. I prefer TinyXP Beast Edition.
http://tinyurl.com/nrrjvc Sure it's old, sure it's insecure, but if you're just using it for a specific purpose I wouldn't give a shit if I were you. It's really quick to install(10 minutes, usually less) and only takes up a few hundred MB.