To know which version of Java you are currently using, you can use the following website: javatester.org.
This is typically a symptom of the next issue with 64-bit systems.
JavaFX 1.2 currently does not support 64-bit systems (known issue) but this does not means you cannot run objectWiz on a 64-bit system. You just need to use a 32-bit Java Virtual Machine. Note that it is possible to install several Java virtual machines on the same system.
There are several ways of doing that, see: