I have the same problem.
I've used goodn64 to verify. It is a good rom.
I'm using Jabo's D3D8 1.6, Jabo's Directsound 1.6, and N-rage's DirectInput 8 V2 1.83 (which version of N-rage did you use, tiger?).
System:
Athlon 64 +3000
ATI Radeon 9600XT
1 Gig Ram
EDIT: This is really bizarre, but switching to Jabo's D3D6 got it to work, and now it works on Jabo's D3D8 as well, even with the same settings as before...