UNINSTALL YOUR CODEC PACK, RESINTALL THE GAME, INSTALL A DIFFERENT CODEC PACK, IF NEEDED
In case your current codec pack is interfering with the game, uninstall any codec packs you have installed (through Control Panel -> Programs and Features). Afterwards, reinstall the game.
If that doesn't work, try only installing the latest version of the Combined Community Codec Pack (CCCP):
IF THE GAME USES .BIK FILES, INSTALL RAD VIDEO TOOLS
To check if the game uses .bik files, search for this file type in the game's installation folder.
If you find such files, please install the Bink Video Codec and try launching the game afterwards
ADD FFDSHOW AUDIO/VIDEO EXCEPTIONS
If you're using ffdshow (which is included in pretty much every codec pack), try adding add the game's executable to ffdshow's exclusions list - first in just the Video decoder, then, if that doesn't help, the Audio decoder as well.
To do this, you will need to access ffdshow's settings. You should be able to find an appropriate link in your codec pack's Start Menu group. For instance, for CCCP it would be Start -> Programs -> Combined Community Codec Pack -> Filters -> FFDShow Video Decoder Configuration. You should find FFDShow Audio Decoder Configuration as well.
Once in the Video Decoder's settings, go into "DirectShow control" and find the "Don't use ffdshow in:" setting and make sure it's checked. Click on the "Edit" button in front of it, then click the "add" button and browse to the game's executable file in the game's folder.
Now launch the game and check if the problem persists. If it does, add the executable in the Audio Decoder Configuration as well. If none of them help, you should go back and remove the exceptions.
CHECK DIFFERENT COMPATIBILITY MODES
right-click the game's shortcut, go to Properties -> Compatibility and try different compatibility modes before attempting to launch the game again.
If none of these help, revert to the default setting, or reinstall the game if you don't recall which setting was the default one.