Re: Replacing Windows 7 with Windows XP
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If you don't need any high end stuff, then replacing Win 7 with XP is not really a problem.
Sure, you will not get support after a while (i.e. no updates), it's possible that you may become more susceptible to cyber attacks, you may not be able to run some software in the future (not just big and major stuff) and performance might be a bit in the dumps, but if you need it, you need it. Add an old copy of Office (if you need it) and a web browser and you'll probably hold up alright for a while.
That is the easiest solution besides some other more intricate (from slight to quite) solutions, e.g. Windows XP mode (which basically is virtualisation), Virtual PC (ditto, separate package), dual-booting (slightly messy to set up)...
If you never need to carry work and play with you together, you could consider setting up XP on a dedicated machine (viz. isolated from the internet), but if you need to carry work and play with you that could be a real inconvenience.
Note that if you purchased a fairly new laptop pre-installed with Win 7, you may need to do some scouting (or go without) for appropriate hardware drivers if you install XP. For gaming, of particular interest to you will probably just be sound and graphics drivers.