Well it seems that you have'nt read the readme file, it says in trouble shooting section, line 10:
If the game doesn't start, check that Morgan Multimedia Stream Switch (MMSwitch) codec is not installed on your computer. If it is, uninstall it (the codec is usually installed in the Program Files directory as MMSwitch.ax file). You can simply delete the file.
If you do as it says the game should worke fine!