a good person (Cthulhu) over at steam came up with this solution and it worked great for me after trying everything else. I am running win7 x 64 with a radeon hd 5770. even though he is using the atiumdag dll for win7 x32 it still worked for me.

Try this (tested and works with my system:r Win7 x32 AMD Radeon HD 5700):

Download Catalyst driver v11.4 (11.4_vista32_win7_32_dd_ccc_ocl).
Open with 7Zip browse and extract atiumdag.dl_
Expand and put the atiumdag.dll into soubringer main dir.

No need to setup Win98/Me compatibility.
Run soulbringer.exe click video e select your favorite video (tested DX7 with 1920x1080x32). Press the test button.
Close soulbringer and run SoulbringeVCnoeax.exe (if you've a EAX souncard you can try SoulbringeVC).

I tested 10 minutes and it looks fine, i see the intro, title, play a little, no slowdown, ect.

Whether or not this actually did the trick, after following some instructions in this forum (adding eax.dll and the 7.14.10.911 32bit version of atiumdag.dll to the folder where my executables are) the game now runs!
Note: I got both of these off of dll-files (dot) com, it's quite literally the first hit on google if you google each of those filenames.

To launch Soulbringer.exe I set just the single .exe it to run in Windows 98 compatibility mode, I then set up my game to use DX7 on my HD 6800 in 1280x1024:32. From there, I unticked the setting related to EAX sound in the advanced menu (unsure if this actually caused problems or not). Finally I launched SoulbringerVCnoeax.exe WITHOUT any compatibility settings (meaning unticking the setting completely in windows) and the starting cutscene loading without any hiccups! From there the game appeared to run just fine, though I'm unsure if the actual gameplay works, I will post back or edit this post if I encounter anymore problems.

Hope this helps and good luck!