wormholewizards: Go to your installation folder (ie: C:\Program File\Gog.com\Urban Chaos), open config.ini using notepad, search (Ctrl+F) the line "max_frame_rate=30", now change the value "30" to "60". Now you're good to go. But as usual make a backup of your original config.ini in case if something goes wrong.
Dude, this is awesome! Makes the game much more enjoyable! Thanks a lot!
Btw, after adjusting the FPS I discovered that there's also options for the draw distance in the same file which is set to 22 by default. Setting it too high may result in crashes at certain points but apparently you can increase it a lot without any issues. I've beaten all the tutorials and the first missions with a draw distance of 50 without encountering any crashes (well, I had one freeze but that one seemed to be unrelated to this setting). I guess the game might still crash due to this eventually but apparently you're still pretty much free to go far beyond the default setting of 22 without encountering any stability issues. Vehicles will occasionally spawn on screen but that's no biggie IMHO, especially since it's perfectly normal for pretty much all sandbox / open world games.
Anyway, awesome stuff. With these two tweaks the game instantly feels much much better.