Windows 7 may not come with hyper-terminal but it certainly does support it, I am using the hyper terminal private edition on an evaluation period atm, the only problem is that I cannot remember where I downloaded it from, sorry I cant be of more help, putty is another program that you could use instead though.
You jus copy it (Hyperminal) from XP pc & paste it in your windows7 PC (desktop itself) it will work.... Or Just intall this sofware & check it... It ll more usefull to you for other applications also...