Trying to Install/Run Panzer General...

If it's a 32bit game it won't run on a 64bit system without some tricky modifications.
Totally different architecture.
 
Did you try changing the game's compatibility properties to an older OS? Just right click the file you use to launch the game, select properties, then Compatibility tab...and select an older OS from the drop down list.
 
No surprise there.
I get the same message when trying to run my old Atari 2600 games on my PC!

I hate when that happens!...:D