No free software exists to do this on Nikon cameras in Windows.

The only two options I know of that allow live view are Nikon Camera Control Pro 2 and NKRemote by Breeze Systems. They both run between $150-200USD. If you do not want to spend any money, free options exist but they do not offer Live view as far as I have found.

If you are really in a bind, and need a free option, you can download free trials of either Camera Control Pro 2 or NKRemote and try each out for 30 days.

I would try out DIYPhotobits.com Camera Control. They have quite a few iterations of the software, and it has been around for a while. It gives you similar functionality to the Nikon Camera Control software, but for free.

I have not used the software first hand, but you can tell by the comments on the download page that people are very happy with it. On the compatibility chart it does have the D700 listed as compatible.

It offers control of the camera, and time lapse functions as well. You can shoot RAW or JPEG in it as well.

It does not look like live view is offered, which is unfortunate. But I am not sure of this so I would download it since it is free and find out for yourself.