I tried in windows 7  as well as in 8 after referring following link-

http://windows.microsoft.com/en-US/windows-vista/Trapped-on-tape-Transferring-audio-from-cassettes-to-your-computer

I installed Moview Maker (16.4.3528.0331) but facing two issues -

Windows 7 -

1. I could not see Tool Manu in the Menu Tab. (As per the link was suggesting)

2. Under Home Menu -  "Record Narration" is disabled. What should I do?

Windows 8 -

Same issue as above but the moment I tried to start cassette player, whole screen became black.

Any help would be appreciated.

Vineet