What if any anti-virus software are you running? Have you made sure that you allowed anything in regards to steam and race07 through your anti-virus? Have you tried to run the host without anti-virus running?
Normally, the AV software blocks both in and outside traffic if it blocks. So, if that was the case I think the LAN option would not have worked as well.
To me, it seems as it's a ROUTER issue. Not anything else, since LAN functions are correct. If it was a win7 firewall issue, that would not work as well. So, I assume your settings for the win firewall are correct as the LAN option works.
I read in your manual
(download here), on page 4-7, that you can activate a log function. Please activate the log function, and start it all again. Try to connect, and if it fails (which it will probably do), open the log file to see if you can find any errors related to this. That makes solving the issue a bit more easy
Also, I noticed the following line:
Local computers must access the local server using the computer’s local LAN address
(192.168.0.11 in the example in Figure 4-6 above). Attempts by local computers to access the
server using the external WAN IP address will fail.
That COULD mean that you can not test it yourself, although thats hard to imagine for me. With a webserver, I can. but with a game server I do not think so. That should work. But, to be sure, ask someone else (from outside your home network) to test is as well.