Yes, it works for me. Sort of.
I will elaborate. I have Windows 7 32bit running on a little mini PC in my living room that's being doing media server duty since forever. HX Edit works fine. The ASIO driver works fine until it doesn't and then a reboot is required. This may be because I only use it by Remote Desktop and that messes something up, or it may be something else peculiar to my machine - I really don't know. In summary, it will work unless or until it doesn't. I don't think that this is hugely different to what happens with any other version of Windows.