Yep, that's the exact problem I had, it would be running OK, then it would start to run really slowly with high pitched screeching before bluescreening. I suspect it may have been an incompatibility with soundcard drivers (I was using an Audigy 2 at the time I think... you?) but either way I got fed up with it crashing my PC. To be honest it's probably the most unstable game I've played under Windows, although of course people with different hardware configurations may have had no issues. In recent years, the only one which comes close is Bet On Soldier.
Googling seems to suggest that we're certainly not alone and that disabling hardware acceleration for the soundcard may be required.