Well, I tried everything that I could imagine before posting. And added several tries now. Nothing changed.
Stuff: For those of you with dual / quad-core CPU's you might try setting the affinity to a single core? See attached image.
Tried this. Actually, it was first thing that come in mind after reinstalling driver and using Win95 compatibility. No way. :)
Stuff: Also disconnect from the internet and temporarily disable your firewall. My Comodo firewall will block read / writes for some games unless I make the game exe a trusted program in the firewall. Yours firewall may not be as controlling as Comodo but it's something worth trying if all else fails.
Tried this now. I disabled everything that I could, including firewall and antivirus. No changes.
I also tried to disable 3D-acceleration thru dxdiag (game started but not shows anything :). Lowering acceleration level thru control panel (game work first two ticks with white screen then went mad). Using DX-emulators like DXWind (no changes). Lowering color to 16 bit (funny effect, picture lose centering and cannot be stretched anymore - but still white-blinking). I put game in different disks and folders. No luck. Heck, I even downloaded author version from site! (Same thing - just as first S appears on screen, everything goes white).
And yes, I tried all individual game settings in NVidia tab. :)
Oh, and I changed monitor Hz to different numbers and resolution to 1024x768. Nothing.
I thought about Application Compatibility Toolkit for some time, then abandoned the idea. I don't remember that it has any dx-graphic related tunes.
Do you have more ideas? :)