jspaceman: Same here as well. Win 7 64bit.
Game crashes right after the intro movie.
Win 7 64 Bit here.
After lots of digging through forum archives, I got it to work (in software mode only) by doing the following:
For each of the 3 non-GOG applications in the file folder, set compatibility to Windows 2000 (!!!), Disable Desktop Composition, Disable Visual Themes, Run as Administrator.
If you haven't already, run config and set the game to softwaer mode and 800x600.
Edit sfc.ini to change windowed=0 to windowed=1.
Run the game by double-clicking on the Starfleet application, bypassing the intro movies.
You'll know it worked if you see the race selection shields pop up.
If someone can get this to work in NON software mode, I'll be very happy, but at least now it's playable.