I recently picked up this game from my local game store. It installs fine but when i go and boot the game up, all i get is an error report, i've tried compatibility mode and that still don't work. Any idea's on how to fix this?

What operating system are you using? (Looks like Windows XP, in that screenshot, no?)

Have you installed any patches or updates? (Have a look at the sticky threads for links to the patches)

Also, if I remember correctly this problem occurs when trying to use Hardware Accelerated Graphics. Open the config manager (should be in your Start Menu) and make sure the game is set to use "Software" graphics.

From experience I can say that choosing Software Accelerated Graphics will solve most of the problems.

The greyface patch that you can find in a stickied thread at the top of this forum should fix it.

If you don't want the changes that the greyface patch makes, you can update C++, which might do it, but you'll still have to set compatibility mode. Sorry, I haven't set this up for a while. But the Greyface patch will definitely work.

But what does the greyface patch do? And how would i update it to C++,if needed it?

https://sites.google.com/site/sergroj/mm

If you look at the website, there's a full list of changes that tell you everything that's included in the GreyFace patches. There's also a sticky in this forum with more information.