I have the e-mu 1212 sound card and I am using windows 7. I am using the vista drivers for the soundcard and everything is working just fine. I can runs music in media player and everything. Make sure the settings in the patchmix are set to 48000 Internal, then everything should run perfect. I can do what I did in xp with my soundcard in windows 7.
Step 1: Go do e-mu website download the vista drivers and install
Step 2: Open patchmix
Step 3: Go to session settings
Step 4: Make sure internal is set to 48000
Everything shouls work. I have tested this in both 64bit and the 32bit versions of the operating systems. Hope this helps. However, keep in mind this is with the e-mu 1212. I am assuming the 0404 will have a similar setup.