I had Outcast on CD up until I sold it for just an obscene amount of cash 2 years ago.

Used to be you had to run a CPU slowdown app to get it to play right, because otherwise the in-game timers were messed up and special events wouldn't trigger. You'd never leave the first (non-tutorial) island.

Is that fixed with the gog version?

Yes it is ;)

Sure. Isn't that the whole point of GOG? ;)

It works perfectly on my Windows 7 64 bit PC, you have no worries at all! Also, get the 640x480 full screen patch it made a tremendous difference for me!

Even better: get the Hi-Res patch to play in 1280x768!