I've looked updates for my chipset 3 weeks ago :/
I try to play on another computer, i've got the same problem. Crash at launch, and then, with the command "ufo.exe +set r_intel_hack 0", the game start, but I don't have any texture again. (Intel 82865G Graphics controller)
I looked again on the log of the console, and i saw this error : "No model given or not in md2 format"
it repeat a hundred of times... :/