I've found that by running Chankast V0.2a Old GFX, Re-Volt displays more or less correctly, and you can actually get into the game and race. Trouble is, the fastest FPS I've been able to get out of it is 40 (by underclocking the CPU to 90) so it's a little sluggish. It's depth perception also seems very weird, as the clouds, trees, and other things move from the backgroun to the foreground through transparent buildings and roads seemingly at random. The cars are rendered perfectly from what I can see.
So I guess this would update Re-Volt from "crashing after 2nd logo" to "playable, but major graphics issues"
EDIT: Er... upon closer inspection... the vehicles are rendered perfectly if they were slightly transparent in the original version... which I doubt...