silviuf: Have you deleted the ddraw.dll file? The game doesn't work for me either with this file, so try test the game without it. Tip: don't rename it, move it somewhere else.
Thanks for the suggestion. I had renamed it but not deleted it entirely.
After deleting it, I'm not sure it had much of an effect, but it certainly seems smooth in certain environments.
The problem is that it's mostly smooth in Windows 10, especially outside, but when I go in a cave, it slows a bit (not unbearably slow).
When I play on an XP VM, it's always smooth graphically, but the sound gets very choppy when I'm in a cave. The sound also gets choppy when I put my cursor over an enemy in combat (causing their red ring to glow).
Anyway, I think I'm gonna stick with Windows 10, because the lag is bearable and the sound never gets choppy.