I am as handy with computers as an Amishman.
Download a program called Daemon Tools Lite. Use Daemon tools to create a virtual CD drive and then open the game file.
Here is another download link for the game and some patches:
I recently tried to get MechCommander Gold to run in Windows 7. Just copy the contents of the CD to your hard disk (installer won't run if you are using a 64bit Windows). Use "compatibility mode" and "run as admin" for the .exe and run the game in windowed mode (alt+enter). Full screen didn't work for me though.
Edited by MrFancypants, 20 July 2012 - 10:33 AM.