jepsen1977: Played the GoG version of F3 GOTY a few months ago with no issues on Win7 and no GFWL needed. I ran the game using Galaxy so maybe try that.
The OP's problem seemed to have been he has a Intel HD graphics processor, and Fallout 3 has always had an issue with Interl Grpahics porcessors...as do a great many games. In fact the requirements on the GOG page for fallout 3 says Intel video chips are not supported.
There are a couple of workarounds, and I am happy the OP found one, but still, if you buy a game and your computer does not meet it's requirements don't be surprised if you have a hard time..or find it just plain impossible..to run it.
GFWL had nothing to do with it.
Frankly, if you are going play a lot of games, you really want something a lot better then a Intel Video Processor.