When I play the game, it runs ridiculously fast. I tried using a program called cpukiller, but it would always be either too fast or slowed down to the point of being choppy, I couldn't find a happy medium. Does anyone know how to limit the frames per second and make these old games actually perform properly on a modern computer?

Could you please explain to me how to do that? I've never used the program before and I'm pretty much lost...

EDIT: After searching I found a guide and managed to get it working properly. Thanks for pointing me in the right direction.

This should work well for you, and it's better than having to mess with the cycles. If it does not, check out a fan-made fix in this thread:

http://www.gog.com/en/forum/might_and_magic_series/mm1_read_this_if_you_think_the_text_appears_too_fast/page1

This is for MM1 only, the other games do not have any speed issues.