The older LoD discs come with 1.07 by default and you have to update them if you was to play something newer. So if you are lucky you won't have to change the patch. If you don't have Glide Wrapper, you'll probably need it to get the best out of the game. Also get yourself ATMA for muling items. Some people have problems running D2 on Win7 and Win8, but I never have. Get the game exe to run as administrator and use Windows XP compatibility mode. If you have Glide Wrapper installed correctly it will come up as an option when you run the graphics test exe. Hope it all goes well and you're up and playing soon.
Edit: I'm assuming that you haven't got D2 installed. If you have you can use one of the version switchers that are mentioned in the stickies.
Edit: I'm assuming that you haven't got D2 installed. If you have you can use one of the version switchers that are mentioned in the stickies.