I used the following steps for version 11 but am posting here because the note about the uedit32.reg was very useful. I was forced to use this workaround because version 11 does not install on boxes with IE7.
1) Download latest UltraEdit version from http://www.ultraedit.com/downloads/ultraedit_download.html
2) Install version 11 on box with IE6
3) Register software on computer with IE6. This drops the uedit32.reg file in the program files folder
4) Copy files in C:\Program Files\IDM Computer Solutions\UltraEdit-32 from box with version 11 to a repository
5) Install newest UltraEdit version on box with IE7
6) Copy all files from repository to c:\Program Files\IDM Computer Solutions\UltraEdit (the box with IE7)
7) Open UltraEdit and go click Help, verify the Register... option is grayed out.