ok ive istalled my unpatched german privateer 2 version today through a plain dosbox 0.65.
no problems after setting sound correctly with this nice installer.
game runs good with dynamic core above 50k cycles on my athlon fx-53.
some slowdowns in heavy fights but no chrashes or sound stuttering at all.
ive tryed some different settings with dosbox, but i cant reproduce your error.
you should first download and install dosbox 0.65 and follow the readme instructions on how to mount your drives correctly. (dont know if you done that already). and/or read the 60 seconds guide from minimax.
the game should run good after that.
have you read the other privateer 2 threads already posted on this forum?
report back if you need more help and please be a "little" more specific with your problem next time...