I found the DOS CD-ROM version of Wing Commander IV at my local Salvation Army store for cheap and decided to pick it up. It seems to install alright, and the video test worked well, and FMV seems to display smoothly as well. The only problem, though, is that the sound occasionally skips. I installed the game by creating a BIN/CUE image of my WC4 Disc 1 using ImgBurn, mounted it in DOSBox using imgmount.

My system specs:
Pentium D 3.0 Ghz
2 GB RAM
GeForce 8800 GT
Windows 7 Ultimate 32-bit

And here is the entire contents of my DOSBox 0.73 Config file.