Hi Lemmi
, i had the same problem as you when i tried to run this Game under Windows XP SP3 ( just one of the few problems at all ).
Even playing with the Video settings, installing new Graphics Card Drivers, DirectX, etc keeps the graphics corrupt.
So i installed also on Windows 7, there the Graphics Issue disappear but the Performance ( Settings on Medium ) is still very poor ( better as in Windows XP of course

, but far away from good ). I neither in windows XP either in Windows 7 was not able to get my HOTAS Cougar to work and had to use the keyboard for testings.
My Computer Spec's are :
Core2Quad 9400 2,6 Ghz, 6 Gb RAM ( XP don't use more then 4 ), GTX470, HOTAS Cougar
Lps_Indyana