Firstly, you need to install the latest version of Wine (
www.winehq.org). Mandrake will include Wine on its install disks, but you will probably have better luck if you install a more recent version.
Running installer programs under Wine isn't very easy; one guide to do this is at
http://frankscorner.org/index.php?p=ishield but I think that may be out of date by now. But with the right combination of options, InstallShield does work.
After it's installed, cd to the directory where you installed it (probably somewhere under ~/.wine/) and type
to run the program.
Not all of the Windows API is supported by Wine, so it may not work quite as you expect; you may need to tweak things, and bugs seem to be more likely to make the program crash. But support is improving all the time; if this version doesn't work, submit bug reports and wait for the next version release (usually a wait of a few weeks or less).
You also have other options, including dual-booting or installing Windows onto VMWare (which effectively emulates a PC in a window).