Does Windows 7 Support Hyper-V?

Unfortunately that seems to be the case:

System requirements / Specifications

• An x64-based processor running an x64 version of Windows Server 2008 Standard, Windows Server 2008 Enterprise or Windows Server 2008 Datacenter.

Hyper-V System Requirements and Specifications

Credits to Diago:

The alternative to Hyper-V for Windows 7 is Virtual PC for Windows 7 available here. It is currently in RC but will be available soon. It also requires hardware assisted virtualization to work.

If you want 64-Bit VM's however you will have to load Windows Server 2008 and load Hyper-V since Virtual PC does not support this.

For 64-Bit VirtualBox or VMware are good options.

Windows 7 runs fine on Hyper-V, Hyper-V does not run on Windows 7.

As other people have said, you can use Microsoft Virtual PC or Vmware Workstation along with a whole load of other VM software.

You are stuck with Windows Server 2008 if you have to use Hyper-V. You can always switch to another virtualization software like VMware or VirtualPC or you can wait until Server 2008 R2 is released, which is the server version of Windows 7.