That (VL 7 standard) is what I use. There are many on this site much more knowledgeable than I, but I do load VL7 standard a lot and occasionally have problems similar to those you are having. Here is what I would do, in order.
Try the older installer. If you hit return at the first prompt, it loads the new gui installer. If you type "install" (I think) before hitting return, you get the old installer. Sometimes the old installer works better. On my last install, I could not get the install to work right with ext4 in the new installer, but it did install properly with reiserfs in the old installer. Go figure.
Since you are using your complete drive, once you get to the partition machine, divide it into three (swap, root, and home partitions). I think, with VL 7, that the root parition has to be 10 or 15 gigs or more. Last install I did I gave root 50 gigs, probably way too much.
Then complete the install.
If that doesn't work, I would assume I had a bad download or a bad burn, so I would download VL 7 again and burn a new CD and try again.