It may works however WL4 is very old and you may simply not be able to install it on a new computer because of the older original installation disc (and its "hardware" security feature) will not be recognized by your (modern) CD/DVD Rom drive unless you still use an old PATA CD-ROM drive. The same is valid for WL3, WL4, WL5 and WL6 prior to v6.1.1.
If you have problems installing or running WL4, you'll don't have other choice than to upgrade at least to WL 6.1.1 or to WL7 I'm afraid.
Nuendo 6.x, Cubase 7.x, Wavelab 8.x
PC A:Win7x64 / GA-P35-DS3P QX6850, 8G DDR3 / 2xRME Digiface / 2xPowercore PCI MkII & Firewire / MCU Pro
PC B:Win7x64 / GA-880GA-UD3H X6 1090T, 8G DDR3 / 2xRME Digiface / 2xPowercore PCI MkII & Firewire / MCU Pro
PC C:Win7x64 / P5QSE Q9650, 8G DDR2 / RME Digiface