Well someone may know better than I do as I've never seen this hardware, but according to the spec I fear you can use the hardware fine, but not the software, although that doesn't make sense as Win 7 is very similar to vista, and it works on that ?
Here is what the spec says:-
Minimum System Requirements (PC)
MobilePre (hardware only)
•Windows XP (SP3)*, Windows Vista 32/64, or Windows 7 32/64
•Pentium 4 2.0 GHz
•1 GB RAM•Native USB port
Pro Tools SE software
•1.8 GHz multi-core processor (Intel or AMD)
•5400 RPM drive
•Windows XP Home (SP3 or greater), Windows XP Pro (SP3 or greater), Windows 7 Home Premium, Windows 7 Professional, or Windows 7 Ultimate
•2 GB RAM for Windows 7 64-bit; 1 GB RAM for XP or Windows 7 32-bit
•Adobe Flash Player 10
Ram is definitely going to cause problems, and if you could upgrade this you would help yourself a lot, not just for this, but in any general usage.
I have a horrible feeling the software will not work on your system, whether you can find similar software that will I couldn't say, this is outside of my experience, but from a quick search i suspect I have found why it wont work, but I couldn't explain the exact reasoning, but the following link is why I say this, sorry I can't offer better news.
Latest Version & Supported Operating Systems:
January 25, 2011
Note: Windows XP Media Center Edition, Windows XP-64-bit, and Windows Vista are not supported
System Requirements and
Compatibility
To use Pro Tools SE, you need:
• A qualified M Audio interface, running on a
qualified Windows or Mac computer.
• A qualified version of Adobe Flash Player
(not included).
• A DVD drive for Installation disc.
Avid can only assure compatibility and provide
support for hardware and software it has tested
and approved.
Refer to the compatibility information on
the Avid website:
(www.m-audio.com/ptsefaq).
That said there is a
link to new drivers, no idea if it will help, but can't hurt to try (further links in the preceding link), but my best advice is if you can return\exchange this it's probably you're best option, then ensure it's replacement is capable of running on Vista first, hope this helps a bit anyway.