Hello, my name is Dan.
To do what you want to do you need to open Disk Utility found in Applications/Utilities.
Once you do that then click on New Image in the toolbar at the top of the window.
That will open a finder window that let you navigate to where that ISO file is.
Then use the CD/DVD Master format, this will create a bit for bit copy, when the image file is saved, change the file extension to ISO.
Now you should have what you need for burning to disk, select Burn in the same disk utility window and navigate to where that file has been saved.
Then burn it.
Now you should have installable copy of Windows 7.
One problem that you're going to run into is after you have installed Windows 7 it will not accept the registration code, so you have to upgrade the installation you just did.
Then it will accept the product code.
Real pain I know but that's life in the Windows world.
I am assuming that DeVry is using software that is only available for Windows. And that is why you have to do this.
As for Microsoft Office the Mac has no trouble running that and swapping files back and forth.
Parallels would be my choice for running a virtual machine.
Let me know if I can clarify anything.