First, it's the original disks that I had since the game was release so I've played this game (and even finished it) back in the days
so I know there's no problem with the movies (gotta love those 5+ CDs games with FMV!).
I did try to run it in Windows without touching any settings and beside the game running and installing smoothly (and extremely fast), nothing else worked.
i.e. I double clicked on the WC4 icon on my desktop, the game starts but the opening movie doesn't play. I hit escape, then I have the two choices (if you remember, you could alter the history by choosing different options during FMV scenes), I select one, I see about a sec of FMV and then everything freezes. I can't even get to the main menu inside the game.
I try editing the compatibility options for the wc4.exe file but to no success.