Wing Commander CIC

Good day everyone. I happen to own the Wing Commander IV edition that was released on a DVD. I installed it and got it to work, but the video happens to freeze after every point of descision. I start up the game, skip the intro and immediately get the choice to either help the veteran or...I dont know what the other choice is, doesnt matter I think. Anyway, the video freezes at the first frame of the consequtive movie clip. After making another choice, I see Colonel Blair grabbing someones throat in a still image. By pressing Esc I can manage to give me the possibility to decide, but nothing elseI have tried several ways to get it going: I have tried various patches, video fixes and codecs. I have installed and registered the Mpeg2decfilter.ax, I have tried running it in several compatibility modes and copied every version of dxmci that there is into the Wing Commander IV directory. I cannot execute the dxmci config due to the fact that Microsoft decided to disable the support for 16-bit applications, so there is no way I can run it. I have deinstalled Nero Media Hub and my (beloved) VLC-Media Player because I have heard that these programs claim to have a right to play .vob files and interfere with the codec Wing Commander uses. Out of pure desperation I also ran the Windwos XP Codec Checkup utility. It shows me that 4 codecs are installed. Here is the link to a screenshot of the program: http://img101.imageshack.us/img101/4620/codecsh.png .I tried to paste it here, but for some reason I can't upload pictures in this forum. Do you have any idea what I can do to run it? Im quite helpless in this regard because nothing I tried worked.

Thanks in advance.