There are issues with running Liquid in Win 7. I don't know anyone who has tried it in Win 8 but I suspect there will be even more issues. Liquid was only designed to run under XP.
Even if Microsoft does not support XP, it will not stop working so there is actually no problem with continuing to use it to run Liquid.
Also, be aware, it may not be possible to install Liquid on a different machine as Corel/Pinnacle no longer give any support for Liquid. Others here have had problem trying to generate a new activation key to match changed machine ID's. Whether that was their error or the fact that it can no longer be done, I am not sure. I am not even sure if the activation server is still working. It is past the legal time frame for Pinnacle to support Liquid. All links to updates have been pulled. It would be better to consider an alternate NLE if you are going to move to a newer OS.