If anyone else has problems launching it on modern OS's, like Win 11, you have to use dgVoodoo (or dxvk, but i haven't tried it). Download it from the github page, extract these files into the game's folder:
- dgVoodoo.conf
- dgVoodooCpl.exe
- D3D8.dll, D3D9.dll, D3Dlmm.dll, DDraw.dll
Then launch dgVoodooCpl.exe, press OK and launch the game. Should work now.