I just came across this game on CD-ROM at a jumble sale, still sealed in its original wrapping! I haven't been able to play it either, on Windows 98, Windows XP (both on a VMware Player virtual machine) or on Windows 8.1, whatever set of compatibility options I tried.
By the way, this is the 2004 version (called
Secret of the Nautilus) released in Europe by the Dutch company Dice Multimedia, a division of the somewhat notorious Disky Communications (ultra cheap, no-frills CDs with sometimes dubious sound), and is based on the DreamCatcher/T-bot Interactive release.
The cover lists this as XP-compatible, there is even a corresponding installation option, and there is a separate patch on the CD, Patch 2.4 (from December 2003), which has to be activated after installation. However, running it with or without this patch made no difference to me.
I think it must be a complex installation issue, in which, as some of you have said, also a specific version of Windows Media Player codecs is involved. The cutscenes, including the intro and the 'extro' are all in wmv, which is of course Windows Media's native video format. I must say I haven't seen this before. In fact, the apparently relevant DirectX 8.0 and WM Player 7.01 are part of the installation suite on the CD, but no luck whatsoever with that!
I found an
archived Dice Multimedia webpage from 2004, which lists a huge chunk of their catalogue, 45 titles (!), both game and education, as being incompatible with XP, "although Microsoft ensured everyone that XP would be compatible with all existing games that worked under older Windows-versions".
Of course, these are all reissues of relatively older titles, but this must be killing to your business. It's like, here's the books we offer, but half of them have become unreadable after a year or two, through no fault of our own.
So, I don't think there's the proverbial magic trick that might make it work?!
Best,
Rich