On the Windows 7 box make a new folder under C:\Program Files\HyperTerminal for 32-bit and for 64-bit make a new folder C:\Program Files (x86)\HyperTerminal
From a Windows XP box and copy the following 3 files to the folder that was just created on the Windows 7 box:
C:\Program Files\Windows NT\hypertrm.exe
Now just run hypertrm.exe and HyperTerminal is on Windows 7.
If you want to have HyperTerminal on your Start Menu just create a shortcut to hypertrm.exe and put it inC:\ProgramData\Microsoft\Windows\Start Menu\Programs and when you go to All Programs under the Start Menu HyperTerminal will be there.