By using RivaTuner to set OpenGL hardware acceleration mode to NV40 emulation mode, I can get proper graphics, but it is WAY too slow. The menus are fine, but ingame is only 1.80 - 2.30 fps.
Well the sounds like it is using software emulation for some extensions in NV40 mode, so probably your gfx card does not support those extensions and therefore you need to replace it with a better one that supports OpenGL 2.1 better.