Yes, it should run fine under Windows 7.
What exactly is it that starts up?
At least with the disk version of the game, there is a known issue where the configuration program's test can produce a black screen with some video card and driver combinations (more common with Radeon cards than Geforce), but if you skip the test the game itself would be fine. I don't know if that can also be an issue with the download version.
Did you try lowering the resolution in the configuration program (there should be a shortcut for it in the DD Start menu folder)?
A couple people with startup problems in Beyond Divinity, specifically with DirectX changing resolutions, could avoid the problem by setting the desktop and game resolution to be the same.
There is a configuration file edit to skip the intro videos (see
here), though I do not know if it works in the download version. That may or may not help with the black screen problem, but since you've played the game before, you may want to skip them anyway. I would guess in the download version you should be able to find and rename the intro videos.
With the latest disk game version, this edit will also eliminate the need for the Play CD, except for a couple cases: the blessing ceremony (after hitting the gong late in the game) and at the end of the game. These are the same limitations as with the no-CD hack.
The version number is shown in the bottom right corner of the main menu (latest for the disk version is 1.0034A, otherwise you may need the
patch). The DVD version has already been updated, while CD versions may or may not be, depending on when they were produced.
