I'm having similar problems. I just installed the Win32 Installer on my system, and the game frequently seems to slow down to the point where it's very choppy; audio and video. I'm running:
Athlon X2 4800+
2GB RAM
nVidia GeForce 7800GT
WinXP SP2
SoundBlaster X-Fi Platinum
Latest drivers for all components.
This should obviously be more than powerful enough to run the game, so something else is wrong here. Like LeXa2 reported, if I switched the audio renderer to Dx, the game locked up (couldn't even three-finger-salute out of it, had to hit the reset button).
The game seems to slow down somewhat randomly, but it's very repeatable in the first mission - if I scroll up to where my 8 soldiers are, the game slows way down. If I scroll away to an unseen part of the map (i.e. the background shows up, but no sprites on screen), it speeds back up.
I also ran into a little bug: The first mission came up, so I sent my Dropship, loaded with 8 soldiers. When it was half-way there, I decided to see what would happen if I also sent my interceptor (1 soldier). Nothing apparently happened. However, when the dropship arrived and the mission started, only one soldier was on the map - the soldier that was in the interceptor!