I have the (currently not yet completelly proofed) feeling, that Win7 does not like any qEmu.
Maybe something is the "1024" MB value Peter use for emulation tests (which is default on qemu v11 script). Loooong time ago when I start the tests (PE2x64), In a version of qemu I experienced using 1024 MB ram cause bsod (or hang) but using 512 MB ram results success, since than I always made my tests with 512 value. (I hope my memory not tricking me, I can not remember bios (but highly probably latest boch ) or qemu version but I am very sure about 1024 - 512 thingy)
Maybe it's something else
Peter, please retest, Sorry if I remember wrong , Glad if this solves the issue you get with win7 tests....