I have the exact same problem. I've tried downloading the patch 1.1 from different places, and I always get the same thing... it can't find the Necrovision Lost Company installation, even though I installed it. As the German soldiers would say, "Zat makes me engry!"
As it is, I can't play Lost Company due to the graphics issues (which I thought might be resolved by the patch, if it would install.) This is very disappointing... the original Necrovision was great, and I had hoped there would be more games like it. And it played very well on my system, so I don't know what they did to mess things up in Lost Company...
