RPG Maker XP Won't Open On Windows 7

It recently came to my attention when a friend asked me for some tech support regarding installing RMXP for the first time on his Windows 7 computer. When he installed the program and RTP, he encountered an “RPG Maker XP has stopped working” error.

RPG Maker XP has stopped working error

So, not one to shy away from a challenge, I came up with a solution for him. And, hopefully, if anyone else encounters this problem this’ll help them as well.