Reading Admin's post triggered a "vista memory". Vista does not let you run your KMA files out of the Program Files folder. If you plan on trying to run your older version of Hoster (not 3.318 or 3.319) be sure that your KMA files are located outside of the Program Files folder.
Your best bet is to get your older version of Hoster installed on your vista machine then upgrade to 4.08. If you keep your KMA files on your C:\ drive put them in the C:\MTU\KMA Files folder. 4.08 ceates these folders. If you plan on trying to run your older version of Hoster in vista just create these folders. If you keep your KMA files on another drive you won't have to do anything, they will run just fine.
Jim