Installing SE under one account and running it under another account on the same machine is not a violation of the license agreement, as long as only the "Named User" is using the product. You, Al, the "Named User" has a license for the product. We don't care if you log on as "AlTheSuperAdmin" or "AlTheRegularUser" when you press Ctrl+Alt+Delete.
You can install SlickEdit 2007 (12.0.x) on XP under a "Standard User" account. This account must be a member of the "Users" or "Power Users" group. A guest account cannot install any software.
The application should default to install to the DocsAndSettings\LocalSettings\ApplicationData\Apps directory under your user profile directory. Do not change this directory to ProgramFiles, as your account may not have write priveleges there.
You also may have a problem if you are trying to upgrade an earlier version of SlickEdit 2007 that was installed under an Admin account. You'll need to log in as admin and remove the earlier version first.
If during the installation you receive a popup warning that a registry key could not be written (under HKEY_LOCAL_MACHINE), you can safely choose "Ignore". (PowerUsers can write that reg value, standard Users cannot. It's not required for the product to work. It's just a convenience feature that allows you to type vs at the Run command (Win+R), without having to put the location of vs.exe in your PATH environment variable.
--Matthew