I just ran across this post searching for answers myself. I've been successfully playing it on my desktop computer, but I just tried to install it on my laptop and it won't play. I have it in a 3 game Pinball Madness compilation from Encore Software (2001). All I did on the desktop computer is change the compatibility mode for the slamtilt.exe. It seems like it just depends on your motherboard/videocard/soundcard combination? My XP Pro SP2 desktop is: ASUS A7N8X Deluxe, Athlon XP 2500+, 512k RAM, Radeon 9600 Pro, NForce2 sound. My XP Home SP2 laptop is: Compaq Presario M2108US.
UPDATE 7-30-2007: Finally got around to trying my laptop again. I can get it to play, but it's sort of hit and miss. It doesn't like displaying the title screens. If I start the game and don't press any keys, the screen stays black and gives an error message after about 7 or 8 seconds when the title screens should start appearing (I can't actually see any message, but can here the "Critical Stop" sound.) But if I press the ENTER key before the error, 5 or 6 seconds after starting the game, it usually works and the game menu comes up - skipping the title screens.