The reason I say that I'm not sure I can help is that Ubisoft have taken over the Might & Magic games, lock stock and barrel, and if you read the posts starting with Elf's post 3 below this, I'm not at all sure you want to go there. I certainly don't.
Failing that, you might be better off hunting for a second-hand copy of the MM7 disks or any of the later compilations including them. I think at least some of the patches are under our care, but I'm not sure exactly where – Bones and Chlala would know better. Also, they stand a better chance than I do of being able to advise you on how to get the games to run on modern hardware. I know a fair bit about the problems that the games themselves set you, but a lot less about their "nuts and bolts".
Good luck, and please let us know how you get on.