Polymeter comes in two flavors (Installer and Portable), each of which is available in both 64-bit and 32-bit versions. If you have a 64-bit CPU, it's strongly recommended to use the 64-bit version of Polymeter. Most users want an installer, because it's easier. For example, installing adds Polymeter to the Windows start menu, and allows Polymeter to register its file types, so that they have appropriate icons and can be opened via double-clicking in Explorer.
Installing for the first time:
Make sure you're logged on as Administrator. The Installer flavor of Polymeter is distributed as a zip file. Unzip the distribution file, using 7-Zip or an equivalent program, and then double-click on Polymeter.msi to launch the installer. The installer is about as simple as an installer can be: for the default setup, just keep hitting "Next." Note that on the "Select Installation Folder" page, you have the option to install for all users, but the default is to only install for the current user.
Upgrading a previous installation:
Note that double-clicking Polymeter.msi won't work for upgrades: you will get the message "Another version of this product is already installed".
To use the portable app, simply unzip the distribution file to a folder and double-click Polymeter.exe to run the application.