Unfortunately HyperTerminal was removed from Windows Vista and Windows 7. If you still need it don’t worry I have a couple of links at the bottom.
What is HyperTerminal?
HyperTerminal is an application you can use to connect your computer to other remote systems. These system can be a wide variety like other computers, servers, Telnet sites, routers and more.
Why was it removed from Windows Vista and Windows 7?
Microsoft just removed it probably for security reasons since you can connect to another computer using it and execute code with it.
Downloads
To install HyperTerminal click the link below and extract the files and click on the executable.
Windows 7
Windows Vista
Windows XP
Linux
Microsoft Office
Mobile
Web
Wallpaper
Or you could use an alternate like tera term or Putty. Both free and open source.
http://sourceforge.jp/projects/ttssh2/downloads
http://www.chiark.greenend.org.uk/~sgtatham/putty/