If you have access to installed CW files. I mean Program Files\... folders CW is installed to, then you can try Natep solution from here.
https://community.freescale.com/thread/57404
Don't know how on 32bits Win7, but on 64bits Win7 CW 5.0 installer just exits and you can't install it properly. Natep solution seems to work with CW5.0. With new unit12_z.DLL (see page 4 of that thread) I was able to debug using P&E USB Multilink.
It would be nice if Freescale made installer working on 64bits Win7. Even without P&E target, users still could use CW to just compile code, or even to debug in simulator mode.