johnk
I have put on my Photoshop Elements hat and went ahead and to try to install Photoshop Elements 7 on Windows 8.1 64 bit.
The installation was from an installation disc which was purchased when Photoshop Elements 7 Premiere Elements 7 was first released.
The installation went without interruption to a successful install. And, the Photoshop Elements 7 performs well.
So, it is not clear when you wrote
"I cannot install because it asks for a version of Internet explorer which I seem to have."
My browsers on Windows 8.1 64 bit are Firefox, Internet Explorer, and Chrome. My default browser there is Firefox.
Firefox version 36.0.1
Internet Explorer 11.0.9600.17631
Chrome 40.0.2214.115m
and none of these were ever mentioned or pointed to in the Photoshop Elements 7 installation on Windows 8.1 64 bit.
ATR