I just installed it last night on steam and everything went fine but when I load it up the background for the developers icons pops up and the music starts playing but that's it, none of the developers Icons actually show up and it doesn't get to the "Start new game" screen. And I have to CTRL+ALT+DEL to close out.

I have a windows 7 HP Pavilion Dv6

I have played the game on this computer before on disc copy but I bought this on steam when I lost the discs.

Did you follow these instructions?

http://www.gamesas.com/topic/1465357-installing-fallout-3-with-windows-78-and-xp/

More than likely, you need to either move Steam, or create a Directory outside of Program Files for your older games and then add that to your Steam Library. Me, I would just move Steam, it takes about 5 minutes to do.