A lot of older games need you to install DX9, which does not come by default with Win7/8 if I remember correctly from installing legacy games,
Windows DX 9 runtime DL you may need. This may or may not be the reason, but worth looking in to.
Is there any other error message?
Also you MAY need to right click the laundher icon and select "run as admin" or "run in compatibility mode"
Have you tried any of these?