CapableMetal said:
I don't know about a hack, but someone has made new installers for the Collectors Editions, XvT and XWA to allow installation on 64 bit versions of Windows (the original installers are 16 bit and therefore don't work). There's also a lot of work being done to update the ship models in XWA to more detailed versions.
@Spilkabilka, perhaps hack is the wrong word, and CapableMetal is right; this is actually what I used, one with the new installer. I found it on TPB. But I also found these guides that could be helpful.
http://pcgamingwiki.com/wiki/Star_Wars:_X-Wing
Also, this site has a guide on how to update graphics for X-wing Alliance (which I had no trouble installing on Win7), and a mod that would change the game to the original X-wing misisons but with the updated graphics. Pretty cool stuff!
http://www.pcgamer.com/2010/10/11/play-x-wing-with-upgraded-graphics-trust-us-you-should/