WARNING! This page is W I P. Suggest your errors and they solving methods in comments!
First, try to install Microsoft Redist's
But, if it doesnt work, try to download and install DirectPlay
If it still doesnt work, please, update your graphics card drivers.
Try to play on DgVoodoo option running options when you're opening the launcher through Steam.
Or check your integrity of game files through in-Steam game options.
First method, try to use DgVoodoo launch option, while opening launcher through Steam.
Either, try to check your integrity of game files.