I'm playing it right now. There's some caveats of course. My system is an Athlon XP 2800+, Nvidia Geforce 6600 GT 181.20, nForce2 chipset, and XP SP3. The driver is important since Nvidia only recently caved in and provided DirectX backward compatibility for DX6 up. I had no trouble installing the game or playing it.
To improve gameplay, two Microsoft Application Compatibility fixes are required: ForceSimpleWindow and ForceDirectDrawWait.
I have attached shadowman.zip. This can be opened and the file AppFix.bat run (double-clicked) directly within WinRAR or any similar program that extracts all files to a temporary location while processing.
AppFix is a command line batch file that scans the registry for proof that the compatibility fix has been installed. It works as a simple toggle. If the compatibility fix is not installed then install it, if it is already installed then remove it. You may, of course, install this fix manually which requires extracting the archive to the hard drive, opening a command line (Windows-R cmd or %comspec%) changing to that directory, then typing sdbinst shadowman.sdb to install and sdbinst -u shadowman.sdb to remove.
I found some no-cd fixes for Shadowman.exe but nothing for D3DConfigUtility.exe. Turns out it only want's to see CD creation and volume name so I made a mini-image of the iso that can be mounted in Daemon Tools and will fake out D3DConfigUtility.exe. This iso image has no files in it. It only has the volume information from the original so it is not warez. It is included in the attachment.
The game is not likely to work on any DX10 video cards or operating systems (Vista). Both Nvidia and ATI have apparently removed DX6-9 support from their DX10 drivers. It took many years for Nvidia to add that support back into their DX9 cards. ATI cards were notable for their compatibility with old games so this is unfortunate.