Windows 7 automatically starts up with "Public" network, which disables all shares; so you need to enable network shares first.
Note that Windows 7 Sharing Options include "password-protected" sharing and "no-password" sharing. This can be very misleading, because in reality whatever option you choose, you will still need to have valid Windows 7 credentials (win7-username and password) to connect to the share. The difference between the two options is in browsing results, as we will see.
So to create a share for a folder make sure to assign a win7-username to the folder permission (note: not the share permission, it's the folder permission).
Now start SMB Browser to browse for shares. With Windows 7 "no-password" sharing (password-protected off), SMB Browser will find the share, ask for win7-username and password, and report the browsing results in a window, ready to create the local folder icon when you press OK. Before you do, change "vers=1.0" to "vers=2.1" in the MountOptions column (right-click to edit the cell) otherwise the share will not connect when you click its local folder icon.
With Windows 7 "password-protected" sharing on, SMB Browser will not find the share in the first place, unless the correct username/password is given in the very first prompt. If the correct username/password is given, then everything proceeds normally as before (you still need to change "vers=1.0" to "vers=2.1" in column MountOptions).