You installed Phoenix's fix correctly, if it says it installed, then I guess it did!
What operating system are you using? Those fixes will only work for Windows Vista / 7.
Compatibility modes don't really work for LB2 on modern computers.
I've got to run and may not be online until nearer the end of the week.
For now, uninstall Phoenix's fix from Control Panel -> Add/Remove Programs. It should be listed as 'LB2 Fix' or something. Go back to that page on my website and install Phoenix's Final Solutions. Try the game. If no luck, uninstall that and then try Phoenix's XP Fix on my site. If THAT doesn't work, I'm sorry to say it but you may well be out of luck.
There are some people who simply cannot get LB2 to run without crashing, or at all. The Phoenix fixes are really the last stand and if they don't work, the game generally won't get 'fixed' for you.