Yes.
The trick is you need to find the appropriate compatibility mode to it to run.
If i recall well given time the win 7 actually finds the proper one, but if not, then it is i think compatibility mode: xp with service pack 2 or 3. With this compatibility mode it should run. (I am using win 7 as well, home premium version and works fine.)
Also do not forget you need to manually add it as an exception to your firewall, since it may forget it. (best to check it under your firewall settings, both the built in win 7, and if you have any protection by that one.)
(Also Windows 7 comes in certain packages might be good to know which one you have, also check what version of NWN you have. Oh one more thing might be good to know what kind of videocard you are using, may cause compatiblity issues as well.)