IIRC, I could only get it working with the demo executable in Windows 7, and I had to use 800x600 as the config resolution because it was 640x480 that caused it to crash, which makes my case the exact opposite of some other claims.
My biggest problem is that I can't get analog control to work. The deadzone is nil, so I constantly scroll up/down or left/right no matter what menu I'm in, and once I'm in a race, I can only steer to the left, and brake works but not accelerate. It's a freaking unplayable mess.