I've gone through all the troubleshooting steps provided like updating windows, my drivers and running it in compatibility mode and as an administrator. Just bought it this morning, it installs fine then upon first time loading up about halfway through it shows that error message. Any help would be appreciated

Try this: github.com/ToadKing/ddhack/downloads

Click rct2-ddhack2.zip and put them in the RCT2 folder.

This worked for me - it opens the program in Windowed mode, but it's better then never getting to play it at all :P

Note: My version of RCT 2 is from Amazon, but it works. Just take the .dll files and copy them into the folder that contains the RCT2 application file. Doesn't work for RCT 1 though. :/