Have the same problem. Still fiddling around with it, but I guess I'll just give up ranting in an hour.
Darucas: Just got this bug two days ago, I was about to post some info about it.
I've found this may be due to virtual drives conflicting with the game executable (and you'll get the same problem if you use a nocd in case you have an old CD version). I've got two of them set up and the one which was causing this issue was named A: .
Change the letter A for something else either with your virtual drive software or using Windows (look here for example: [url=http://wdc.custhelp.com/app/answers/detail/a_id/137/~/how-to-change-the-drive-letter-assignment-in-windows-8,-7,-vista,-xp-or-2000]http://wdc.custhelp.com/app/answers/detail/a_id/137/~/how-to-change-the-drive-letter-assignment-in-windows-8,-7,-vista,-xp-or-2000[/url] ).
On my PC, the game actually refuses to start if a virtual drive is either A: or B: . I'm not sure why! (if you're using virtual drive to play old games with CD audio, don't forget to rename the drive with a letter higher than your physical drive, or music may not play). Or you can try disabling/deleting the virtual drive altogether.
...Ok... I did something very shocking I have not done in lots of years - Put a floppy disk in my drive A. Just to see whats happening. Right now PC sounds like it wants to format it or something & everything else is in half a hangup.
edit:
arg, screw it. I send a report & asked if somebody could have a chat here about that & combines the threats with the same issue. I don't want a refund, I want to shoot massive rows of cannons at other ships :/