I checked the executable with the provided AMIBCP 2.42... I only got the "Multilanguage Module not found!" error message, as described by other users.
I tried to open a proper AMIBIOS8 romfile with it, taken from an ECS board and distinguishable by the presence of the SLAB module (single link arch BIOS), and both AMIBCP 2.42 and 3.13 work properly with it.
So checked between the multilanguage files from both the provided KV7_VM rom, and the ECS AMIv8 rom, both extracted with MMTool for Windows v2.21 :
KV7_VM language file (tagged in rom as "Module 50")

ECS AMIv8 language file (tagged in rom as "Module 21")

It has a very different header structure, but the strings still are uncompressed later in the file...

As you can see, totally different format. As additional detail, supposedly "Module 21" is the official ID for language files in both AMIBIOS v7 and 8. If I try to insert a "Module 50" with AMIBCP v7.60 for DOS (as the supposed version to work with the KV7_VM rom), I get a "Module ID not valid", but still it gets totally recognized as "Default Language Module" by it.
KV7_VM rom uses v3.36 "Setup Client Module", as many proper v8 bios files from other boards. BIOSes based on the final v7 codebase seem like a rare mix from v7 and v8 binary code. I wonder if there is a tool at all which can manipulated the structures and separated language string files generated from these mixes. I tried to use AMIBCP for Windows 2.25BETA, but it doesn't seem to work correctly with XP. As I said before, with KV7_VM rom i get no response from the app, and with the ECS v8 rom, I get an AppCrash, on a WinXP SP3 VM... Probably this app only works correctly in Win2k or Win98SE, who knows...