Although technically I have nothing to do with either PS1 or 747IPC, this question pops up often enough to warrant some documentation. So here it goes.
The frustrating task of getting PS1 to work on Windows XP had already caused many people grey hairs, and probably more than a few have abandoned PS1 altogether because of it. Ivan's great 747IPC program solved 80% of the problem, but it needed a complex and extensive process to be installed.
I decided to put an end to this and compile a full package with all components required.