Yes, you can play Heroes of Might and Magic V on Windows 7.
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Heroes of Might and Magic V - 2006 VG is rated/received
certificates of:
USA:T
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How can you ally teams on heroes of might and magic IV?
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Heroes of Might an magic 6 is coming out in March 11
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The entire series of "Heroes of Might and Magic" is intended to
be played on the DOS and Windows platforms. However, there has also
been some limited support for Mac and Linux operating systems.