Zapeth: I don't know whats included in the GoG version but the original Direct3D version works just fine for me using dgvoodoo in Windows 7 (64-bit), you simply have to put the DDraw.dll from dgvoodoo in the game directory and then you should be good to go.
It is also possible to make it run in a window by messing around in the dgVoodoo config a bit, though its a bit quirky since it wasn't meant to work like that (like losing keyboard input when changing window focus).
To do this, just make sure to uncheck everything in the Direct3D tab and set the Antialiasing to "App driven".
Then in the General tab set Appearance to "Windowed" with Unspecified scaling mode and check both "Keep window aspec ratio" and "Capture mouse" in the Miscellanneous section.
Here's what you get with the Direct3D version compared to the 3dfx version (as far as I have noticed, might be other things as well):
- properly synchronized intro (3dfx version goes out of sync with a/v for some reason)
- "this is you"-arrow when starting the race
- "water splash" effect when driving through water
- "blue glitter" effect when respawning after wrecking your car
- collision effect when ramming other cars
However there is also a slight negative that I have noticed and that is that the game won't properly terminate after quitting it.
Meaning the executable is still running after quitting the game and you'll have to kill it manually with the task manager (but I think thats negligible considering the positives).