Oooops!
It seems this game makes a lot of direct PIT (Programmable Interrupt Controller) programming which doesn't like modern systems (APIC) a bit. The outcome is that it has severe timing issues rendering it utterly unplayable.
I tested it under WinXP + SP1 with my Athlon XP 1800+, GF4 and integrated CMI8738 audio.
It doesn't work well under DosBox either. Very slow too.
Under DOS, using the DOS emulator provided for my sound card, I get music + sound and the game runs at correct speed, but alas, as soon as i choose a language (the loading bat file just calls the intro, the language selection screen and the game itself) the systems hangs. Haven't tried with no sound, though - but what's the point. Should try that, just to isolate this issue further. I will post back, in a moment.
EDIT: Without loading my sound-card DOS emulator, the game works just fine and I even get digitized INTERNAL SPEAKER samples, which is better than nothing.