Yes, you can use it with any touchscreen. It works on WinRT/Windows 8 as well as Windows 7. I have used it for surface, tablet (both WinRT as Win7 tablets) and touch-enabled desktop applications and it works absolutely fine.
The installer requires you to install Visual Studio 2010, but if you import the DLL's manually in the toolbox, you can also use it in both Visual Studio 2012 and 2013 preview. This is an answer on a different question, answered by one of my colleagues on how to use the Surface SDK 2.0 with Visual Studio 2012
It's a great toolkit to support touch-enabled WPF applications and can also be use as a replacement for the WinRT Metro UI, in case you cannot use that toolkit (e.g. when you interface with USB, or need desktop services).
Update: Since you update your question to how to get the Elo Touchscreen to work with native Windows 7 touch, I suggest you download and install the latest drivers. Your touchscreen will only work with WPF touch / Surface SDK if native Windows touches are supported. Installing the latest drivers should do the job. Don't forget that you might have to enable and configure touch input in the Control Panel (Pen and Touch).