The launcher only offers 4:3 modes, but 16:9 works actually just fine. Fortunately it's H+, which means you can see more on the horizontal axis.
<BloodRayne>\system\rayne.ini
Make a copy of that file. Now edit the original (at your own risk).
For 1080p:
gamePIXY=1080
gamePIXX=1920
For 720p:
gamePIXY=720
gamePIXX=1280
Leave gameWideScreenFlag on its default setting (0=off). If this one is enabled, the stretching of a 4:3 mode when displayed on a 16:9 screen is compensated. However, if you're using a real 16:9 mode the display gets distorted. So, only enable this if you want to use a 4:3 mode on a 16:9 screen. Using a proper 16:9 mode will look better of course.

Thanks a lot. I want to buy it but was worried about this.

Unfortunately this doesn't seem to work for BR2. The launcher will always override your custom video settings. :/
Edit: The patch from CooPDB works great :D
http://www.coopdb.com/modules.php?name=BR2fsaa&amp;op=Info
It allows you to force any resolution and it even allows you to tweak lots of stuff (FSAA, better effects, etc.).

The patch works beautifully, thanks.

Launch the game, adjust the graphical options to your liking on the launcher and then proceed to the main menu. Quit the game and recheck the .ini file.

I did that before and it did not work. I got it to work by deleting the file and loading the game and a new poped up.

The file for me just says:

; BloodRayne .INI settings

and deleting it to create a new one did not work.
the strange thing is that every time I run the game I have to set up the graphics and invert the mouse vertical axis, it never saves my preferences.

does anyone know what do to do? please reply

Install your games somewhere else than "Program Files" or "Program Files (x86)"... Installations can get seriously fucked up when installed there because of how the premissions for that folder are handeled ;) Make a "C:\Games\" folder like I have done

It seems that the opening cutscene (before the title screen) is diplayed in WS even though it was meant to show in fullscreen. Can this be fixed?