I've tried WoW7, and found that while it works perfectly in a VMWare machine, it does not work on my physical machine (ASUS P5Q Deluxe board with 2301 bios). When it boots, it just hangs at the "Starting Windows" screen forever. If I hold SHIFT, and run GRUB without executing the WOW.exe patch first, it boots fine, so it doesn't seem to be a grub issue, but then again that wouldn't allow activation anyway. I tried replacing the GRLDR and GRUB.EXE files with the newest ones from the latest version of Grub4DOS, and while they work the same, they don't fix the freezing problem when WOW.EXE is run. I also tried to replace the entire bootdisk image with a FreeDOS one, and while that also seems to work the same, it still doesn't fix the freezing issue when WOW.EXE is executed. Still boots fine if I only run GRUB though. Is there any known solution to this problem?
WOW7 is not compatible with all BIOSes. Yours might be incompatible. There are newer activators and loaders. Check out the thread called "offical repository". Another option is to flash a modded BIOS and use no loader at all. I did this on my P6TD Deluxe.
This method got obsolete with all the new developments since 2009 (DAZ Windows Loader and KMS(_VL_ALL)).