I installed the steam version and it starts up but stalls on the load screen. It's absolutely possible my computer just won't run the game (it's old, I have 32-bit Win7) which would be a bummer but completely understandable.
Oh shoot, if it's showing this it should definitely run. I may have messed up the placement of the /data/ folder in the 32 bit version like a dingus. I did it on the GOG version too. Unfortunately I won't be able to fix this officual until GDC is over. :/ It should be pretty easy though if you don't mind copying files: The HypnOS.exe file should have a /data/ directory in the same folder. Inside data should be a series of folders named misc, audio, images, etc etc. It shouldn't have ANOTHER data folder. If my memory serves, I added another data folder inside the 'real' data folder and put all the directories in that. If you move all those the subdirectories one folder up into the 'real' data, it should work. Sorry about the confusion, ahah. This is slightly embarrassing.