Works fine (installation and all) on by win7 (64bit) without any gimmicks

Not that my PC hardware is that new, from the 2009-2010 era.
Have you tried using the "new version",
Arma: Cold War Assault?
It's nothing fancy, just updates the game up to 1.99 (you need to install some fix patches after that too) and changes all logos and stuff to Arma.