I checked under Event Viewer and it mentioned 'WAIL32.DLL' in problem signatures.

A new report from Event Viewer reports additional 2 .dll files, 'WINMM.DLL' and 'AcGenral.dll'. I don't know what the second one is.

The second one I presumed is when Windows 10 detected a known application compatibility and tried to provide its layers of workarounds. The same DLL was there since Windows XP.

I literally gave up trying to make Mechwarrior 2 working on Windows 10. I could patch it all-the-way to work on any version of WinXP~Win7 (never had Win8/8.1 to check) without any *compatibility* options. For all previously known patches for the game, the compatibility option was still required on WinXP~Win7 to make sound working through WINMM.DLL. Unfortunately, Win10 broke that, you could make the game work by disabling audio hardware from device manager (AC97 or HD Audio controller) or put a copy of WINMM.DLL from WinXP into the game folder. The later was just to avoid the crash, it did not solve the broken audio.

The game is notorious of running poorly with fast modern machines when frame rate exceeds 45FPS. Running the game on QEMU would provide the means to limit frame rate while maintaining persistent 30 FPS throughout the gameplay in any circumstances.