I have the same problem. Nearly every single first startup, I get a grey screen, hourglass cursor for about 5 seconds. Then a quick flash of my desktop, and back to the grey screen. About 10-30 seconds later, I get a windows error:
Faulting application ufo.exe, version 2.0.5.5, faulting module ufo.exe, version 2.0.5.5, fault address 0x000554b8.
Sometimes if I try again immediately after, it works fine, and plays fine for hours.
Here's ufoconsole.log
Winsock Initialized
Console initialized.
------- Loading ref_gl.dll -------
ref_gl version: GL 0.12
Initializing OpenGL display
...setting mode 8: 1280 1024 FS
...attempting fullscreen
...using desktop frequency: 75 hz
...using desktop display depth of 32
...calling CDS: ok
GL PFD: color(32-bits) Z(24-bit)
Desktop resolution: 1280:1024
GL_VENDOR: NVIDIA Corporation
GL_RENDERER: GeForce 6600 GT/AGP/SSE2
GL_VERSION: 2.0.1
GL_EXTENSIONS: GL_ARB_color_buffer_float GL_ARB_depth_texture GL_ARB_draw_buffers GL_ARB_fragment_program GL_ARB_fragment_program_shadow GL_ARB_fragment_shader GL_ARB_half_float_pixel GL_ARB_imaging GL_ARB_multisample GL_ARB_multitexture GL_ARB_occlusion_query GL_ARB_pixel_buffer_object GL_ARB_point_parameters GL_ARB_point_sprite GL_ARB_shadow GL_ARB_shader_objects GL_ARB_shading_language_100 GL_ARB_texture_border_clamp GL_ARB_texture_compression GL_ARB_texture_cube_map GL_ARB_texture_env_add GL_ARB_texture_env_combine GL_ARB_texture_env_dot3 GL_ARB_texture_float GL_ARB_texture_mirrored_repeat GL_ARB_texture_non_power_of_two GL_ARB_texture_rectangle GL_ARB_transpose_matrix GL_ARB_vertex_buffer_object GL_ARB_vertex_program GL_ARB_vertex_shader GL_ARB_window_pos GL_ATI_draw_buffers GL_ATI_texture_float GL_ATI_texture_mirror_once GL_S3_s3tc GL_EXT_texture_env_add GL_EXT_abgr GL_EXT_bgra GL_EXT_blend_color GL_EXT_blend_equation_separate GL_EXT_blend_func_separate GL_EXT_blend_minmax GL_EXT_blend_subtract GL_EXT_compiled_vertex_array GL_EXT_Cg_shader GL_EXT_depth_bounds_test GL_EXT_draw_range_elements GL_EXT_fog_coord GL_EXT_framebuffer_object GL_EXT_multi_draw_arrays GL_EXT_packed_depth_stencil GL_EXT_packed_pixels GL_EXT_pixel_buffer_object GL_EXT_point_parameters GL_EXT_rescale_normal GL_EXT_secondary_color GL_EXT_separate_specular_color GL_EXT_shadow_funcs GL_EXT_stencil_two_side GL_EXT_stencil_wrap GL_EXT_texture3D GL_EXT_texture_compression_s3tc GL_EXT_texture_cube_map GL_EXT_texture_edge_clamp GL_EXT_texture_env_combine GL_EXT_texture_env_dot3 GL_EXT_texture_filter_anisotropic GL_EXT_texture_lod GL_EXT_texture_lod_bias GL_EXT_texture_mirror_clamp GL_EXT_texture_object GL_EXT_texture_sRGB GL_EXT_timer_query GL_EXT_vertex_array GL_HP_occlusion_test GL_IBM_rasterpos_clip GL_IBM_texture_mirrored_repeat GL_KTX_buffer_region GL_NV_blend_square GL_NV_copy_depth_to_color GL_NV_depth_clamp GL_NV_fence GL_NV_float_buffer GL_NV_fog_distance GL_NV_fragment_program GL_NV_fragment_program_option GL_NV_fragment_program2 GL_NV_half_float GL_NV_light_max_exponent GL_NV_multisample_filter_hint GL_NV_occlusion_query GL_NV_packed_depth_stencil GL_NV_pixel_data_range GL_NV_point_sprite GL_NV_primitive_restart GL_NV_register_combiners GL_NV_register_combiners2 GL_NV_texgen_reflection GL_NV_texture_compression_vtc GL_NV_texture_env_combine4 GL_NV_texture_expand_normal GL_NV_texture_rectangle GL_NV_texture_shader GL_NV_texture_shader2 GL_NV_texture_shader3 GL_NV_vertex_array_range GL_NV_vertex_array_range2 GL_NV_vertex_program GL_NV_vertex_program1_1 GL_NV_vertex_program2 GL_NV_vertex_program2_option GL_NV_vertex_program3 GL_NVX_conditional_render GL_SGIS_generate_mipmap GL_SGIS_texture_lod GL_SGIX_depth_texture GL_SGIX_shadow GL_SUN_slice_accum GL_WIN_swap_hint WGL_EXT_swap_control
...enabling GL_EXT_compiled_vertex_array
...enabling WGL_EXT_swap_control
...using GL_EXT_point_parameters
...using GL_ARB_multitexture
...using GL_EXT_texture_env_combine
...GL_SGIS_multitexture not found
...ignoring GL_ARB_texture_compression
...using GL_EXT_texture_filter_anisotropic [16 max] [ 1 selected]
...using GL_EXT_texture_lod_bias
...using GL_EXT_stencil_wrap
...using GL_EXT_fog_coord
...using GL_ARB_fragment_program
...GL_ATI_separate_stencil not found
...max texture size:
......detected 4096
......but using 2048 as requested
...SDL_ttf version 2.0.7 - we need at least 2.0.7
...SDL_ttf inited
------------------------------------
------- Loading ref_gl.dll -------
ref_gl version: GL 0.12
Initializing OpenGL display
...setting mode 8: 1280 1024 FS
...attempting fullscreen
...using desktop frequency: 75 hz
...using desktop display depth of 32
...calling CDS: ok
GL PFD: color(32-bits) Z(24-bit)
Desktop resolution: 1280:1024
GL_VENDOR: NVIDIA Corporation
GL_RENDERER: GeForce 6600 GT/AGP/SSE2
GL_VERSION: 2.0.1
GL_EXTENSIONS: GL_ARB_color_buffer_float GL_ARB_depth_texture GL_ARB_draw_buffers GL_ARB_fragment_program GL_ARB_fragment_program_shadow GL_ARB_fragment_shader GL_ARB_half_float_pixel GL_ARB_imaging GL_ARB_multisample GL_ARB_multitexture GL_ARB_occlusion_query GL_ARB_pixel_buffer_object GL_ARB_point_parameters GL_ARB_point_sprite GL_ARB_shadow GL_ARB_shader_objects GL_ARB_shading_language_100 GL_ARB_texture_border_clamp GL_ARB_texture_compression GL_ARB_texture_cube_map GL_ARB_texture_env_add GL_ARB_texture_env_combine GL_ARB_texture_env_dot3 GL_ARB_texture_float GL_ARB_texture_mirrored_repeat GL_ARB_texture_non_power_of_two GL_ARB_texture_rectangle GL_ARB_transpose_matrix GL_ARB_vertex_buffer_object GL_ARB_vertex_program GL_ARB_vertex_shader GL_ARB_window_pos GL_ATI_draw_buffers GL_ATI_texture_float GL_ATI_texture_mirror_once GL_S3_s3tc GL_EXT_texture_env_add GL_EXT_abgr GL_EXT_bgra GL_EXT_blend_color GL_EXT_blend_equation_separate GL_EXT_blend_func_separate GL_EXT_blend_minmax GL_EXT_blend_subtract GL_EXT_compiled_vertex_array GL_EXT_Cg_shader GL_EXT_depth_bounds_test GL_EXT_draw_range_elements GL_EXT_fog_coord GL_EXT_framebuffer_object GL_EXT_multi_draw_arrays GL_EXT_packed_depth_stencil GL_EXT_packed_pixels GL_EXT_pixel_buffer_object GL_EXT_point_parameters GL_EXT_rescale_normal GL_EXT_secondary_color GL_EXT_separate_specular_color GL_EXT_shadow_funcs GL_EXT_stencil_two_side GL_EXT_stencil_wrap GL_EXT_texture3D GL_EXT_texture_compression_s3tc GL_EXT_texture_cube_map GL_EXT_texture_edge_clamp GL_EXT_texture_env_combine GL_EXT_texture_env_dot3 GL_EXT_texture_filter_anisotropic GL_EXT_texture_lod GL_EXT_texture_lod_bias GL_EXT_texture_mirror_clamp GL_EXT_texture_object GL_EXT_texture_sRGB GL_EXT_timer_query GL_EXT_vertex_array GL_HP_occlusion_test GL_IBM_rasterpos_clip GL_IBM_texture_mirrored_repeat GL_KTX_buffer_region GL_NV_blend_square GL_NV_copy_depth_to_color GL_NV_depth_clamp GL_NV_fence GL_NV_float_buffer GL_NV_fog_distance GL_NV_fragment_program GL_NV_fragment_program_option GL_NV_fragment_program2 GL_NV_half_float GL_NV_light_max_exponent GL_NV_multisample_filter_hint GL_NV_occlusion_query GL_NV_packed_depth_stencil GL_NV_pixel_data_range GL_NV_point_sprite GL_NV_primitive_restart GL_NV_register_combiners GL_NV_register_combiners2 GL_NV_texgen_reflection GL_NV_texture_compression_vtc GL_NV_texture_env_combine4 GL_NV_texture_expand_normal GL_NV_texture_rectangle GL_NV_texture_shader GL_NV_texture_shader2 GL_NV_texture_shader3 GL_NV_vertex_array_range GL_NV_vertex_array_range2 GL_NV_vertex_program GL_NV_vertex_program1_1 GL_NV_vertex_program2 GL_NV_vertex_program2_option GL_NV_vertex_program3 GL_NVX_conditional_render GL_SGIS_generate_mipmap GL_SGIS_texture_lod GL_SGIX_depth_texture GL_SGIX_shadow GL_SUN_slice_accum GL_WIN_swap_hint WGL_EXT_swap_control
...enabling GL_EXT_compiled_vertex_array
...enabling WGL_EXT_swap_control
...using GL_EXT_point_parameters
...using GL_ARB_multitexture
...using GL_EXT_texture_env_combine
...GL_SGIS_multitexture not found
...ignoring GL_ARB_texture_compression
...using GL_EXT_texture_filter_anisotropic [16 max] [ 1 selected]
...using GL_EXT_texture_lod_bias
...using GL_EXT_stencil_wrap
...using GL_EXT_fog_coord
...using GL_ARB_fragment_program
...GL_ATI_separate_stencil not found
...max texture size:
......detected 4096
......but using 2048 as requested
...SDL_ttf version 2.0.7 - we need at least 2.0.7
...SDL_ttf inited
...registering 0 fonts
------------------------------------
------- sound initialization -------
Loading snd_sdl sound driver
Soundsystem: SDL.
SDL version: 1.2.8
SDL audio driver is "dsound".
Bits: 16
Frequency: 48000
Samples: 4096
Channels: 2
sound sampling rate: 48000
CD Audio Initialized
execing autoexec.cfg
"version" is "UFO: Alien Invasion 2.0-RC5 x86 Sep 26 2006 Win32 DEBUG"
...could not set to language:
...could not set to system language
Shared Client/Server Info loaded
...precaching 49 menus
Can't find pics/
====== UFO Initialized ======
Changing to Singleplayer
