Strange. I know the game works with XP and I fly in on a Ti4600, so I don't think it is the OS or the vid card. Seems to be something to do with the WW2.exe ...
Have you installed the 1.08 patch yet? It should be on the disc if you have a later pressing of WWII Fighters, but downloadable
otherwise. That might update the ww2.exe enough to make the game run. Another idea is to download and install the no-CD hack
that replaces the .exe and, well, makes the game run without the CD in the tray.
I had some problems with WWII Fighters about two weeks after I got my computer; it wouldn't launch unless I opened and closed the CD-ROM tray. I finally fixed that and over 100 other XP problems by purchasing and running Norton System Works. That may not be the solution to your problem but it is my personal testimonial supporting regular OS maintenance.