Hi Dad. I've looked around quite a bit. It appears that Quattro Pro 7 was a part of the Corel Wordperfect 7 Suite and not a stand-alone application. So I restarted the search, LOL. Here's what I found:
This one says nope to NT systems. Windows XP Pro is an NT system; I'm not sure about Home version.
http://kb.corel.com/kbdocs/cws7032/CWSWIN70/CWSWIN70_205724.htm
However, a thorough review of the Corel site reveals nothing about issues. Does this mean it won't work? No. I cannot help but think if there were serious ramification, that they wouldn't have some article about it.
Windows XP is pretty cool, especially Pro, and will take good care of you. But it'd be a good idea to back up your registry first.