I am 99.9% sure that it will run and 95% sure that the installer
will work (but Java can actually be XCOPY'ed so that may not be a
show stopper).
Windows typically run even very old applications without problems.
But I assume that you will actually test it before putting in in
production.
And you are aware that 1.4.2 is 32 bit and 2012 is only available
in 64 bit (but runs 32 bit code fine).
But another point: do you have a long term strategy on what you want to
do with this application. Even if you can use a new Windows version and
an 11 year old Java, then it seems like something in need of a more
permanent solution.
If it is a Java EE app server, then you would probably have to upgrade
all of Java, app server and your code.
But if it is a Java SE application then porting it to a new Java
version should not be that difficult/expensive.
Arne