The strtok_s function exists in vc8 but not in vc7. So what's a function (or code) that does the equivalent of strtok_s in vc7?
Take a look at this MSDN page.
As far as I can tell, the security enhancements a) Make strtok() reentrant (and thread-safe) by having it take a "context" parameter and b) Make it safe to use with NULL pointers. (The actual behaviors in the case of NULL parameters are listed in a table on the page I've linked.)
As for a VC7 alternative, you'll have to write (or import) one yourself. The NULL-safety is easy to do externally, you'll just have to be careful not to pass NULL strings where none are expected; but as far as reentrancy goes, there's no way for strtok() to handle that.
Take a look at this and this question. I believe POSIX also supplies a reentrant version of strtok() called strtok_r(); you can search for it. It would also be a good (and short) exercise to write an implementation yourself. Shouldn't take more than ~10 lines of code.