Some legacy Windows applications still depend on an old piece of Microsoft Office known as the Office Web Components (OWC). Details about this aging software component bundle are available on the Microsoft Support site under “Versions and support for Office Web Components (OWC)“. In the same article there is a download link for the latest release – “Office 2003 Add-in: Office Web Components“.
This has been tested on Windows 7 and Office 2010 – still seems to work. Just make sure you right-click and select “install as administrator!“