I have Windows 7 installation with 32 bit JDK.
When I try to run MuleStudio.exe I get the following error:

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You need to download the 32 bit edition, which is rather hard to find on the first page.
Deprecation notice: The link is valid just for Mule Studio and not for the new Anypoint Studio. Basically think link is just for historical purposes here and there is a 99% chance this is the wrong link for you.
Check the All Mule Studio Downloads page. and select the 32 bit version.