Yeah, I'm having the same issue. You get one loading bar and then the game just closes. I've tried with a vanilla install of the game, an old disc based copy and even my latest GOG version. All of them just refuse to budge past the first red loading bar once the dsound.dll file is placed into the folder.
Oddly enough, it wasn't working with numerous steam reinstalls a week or more ago. Having done it yet again and then wiping my cloud saves, the steam version has started working with it. I'm not sure if it has something to do with fresh saves or not but it's worth a thought. If not that, this might be a case of it needing to be the steam copy in general.
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Edit Iam so sorry, it was a Steam exclusive thing all along.