I've been messing with the various PBO unpacking and viewing apps for a day or two now. CPBO works by registering itself with PBO packages in the windows interface. Because of that, it needs to edit the registry, which Windows 7 by default does not allow programs to do. If you right click the CPBO.exe and select 'run as administrator,' entering any passwords if needed, it should be able to register itself and should start giving you options on the right click menu for PBO's.