Windows 7 32bit and 64bit versions use the same serial numbers. So if you have a valid 64bit serial, it can be used to install a genuine 32bit version. But this is not something I recommend.
What you could try first is install an older windows in for example virtualbox, say Windows XP 32bit version (or whatever old Windows CD/DVD you might have laying around). Try out the software in a virtual enviroment and see if the blue screen still appears.