In February 2008, Nvidia bought Ageia and the PhysX engine and has begun integrating it into its CUDA framework, effectively rendering the PhysX add-in card redundant.
Your AGEIA physX card is a obsolete PhysX PPU add-in card...
the AGEIA PhysX Card does not have any driver supporting it.
Go to http://www.nvidia.com/object/physx_9.09.1112.html ...
Runtime upgrade ONLY for AGEIA PhysX processors users. (New AGEIA PhysX processors installations should install an older PhysX system software such as version 8.09.04 – prior to installing this update). Note – AGEIA PPU acceleration support for 2.8.1 SDK or earlier, and Windows Vista and Windows XP only.
Seem that your old AGEIA PhysX will not have a update for Win7... not really needed since CUDA ( who include PhysX ) work with any card from the serie 8 to the recent one one...
For the end, a last info :
Versions 186 and newer of the ForceWare drivers disable PhysX hardware acceleration when a GPU from a different manufacturer, such as AMD, is present in the system. Representatives at Nvidia stated to customers that the decision was made due to development expenses, and for quality assurance and business reasons. This decision has caused a backlash from the community that led to the creation of a community patch for Windows 7, circumventing the GPU check in Nvidia's updated drivers. Currently this patch only works on GPUs and not PPUs.