Hello,
It has been a little rough going getting introduced to Vwg. The first thing is you should make it obvious that the "with sources" packages require you to manually add assemblies, or else you won't be able to drag and drop components into a form. After googling and finally figuring this out, I uninstalled the "with sources" and installed the one without sources. Now am up and running using Pro on VS 2005 (yea). 
I have also successfully installed VWG_Professional_Studio_6.3.11_NET3.5.msi onto one Win 7 Ultimate (x86) machine. However, when installing this onto another Win 7 Ultimate PC (this one is x64), it doesn't work. When I try to create a Visual C# | Visual WebGUI | Visual WebGUI Application, I get the messagebox below (captured by typing Ctrl+C in the message box):
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Microsoft Visual Studio
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The project file 'D:\Users\david\AppData\Local\Temp\nv3c5up2.hgt\Temp\WebGUIApplication3.csproj' cannot be opened.
The project type is not supported by this installation.
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OK Help
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The funny thing is the folder 'D:\Users\david\AppData\Local\Temp\nv3c5up2.hgt" was created, but I guess it had problems creating the rest of it.
I have uninstalled and re-installed VWG numerous times but to no avail. I launched the .msi file from an elevated command prompt, so it did run elevated (since I saw there were issues with permissions in earlier posts).
Thanks,
David