Snoekie:
I had the same problem when I re-installed the game for the first time on my new machine. This issue is documented in the WWTechHelp file that comes with the patch. Here's the content relating to black screens (sorry, long post) I you already have the file, reply and I'll cut all the excess.
WWTechHelp:

Receive a Mmsystem 266 error or black screen in the game:
You are prompted to choose between running a complete Setup or copying all files again, choose to copy all the files again.
Or, you can extract the files you want to replace from the original Windows disks or CD-ROM. If you have Windows 98, to extract a copy of the Msvideo.dll, Mciavi.drv, and Dciman.dll files, use System File Checker (SFC). For information about using the Extract tool or SFC, please see the following article in the Microsoft Knowledge Base:
ARTICLE-ID: Q129605
TITLE: How to Extract Original Compressed Windows Files
You can use the extract tool to extract new copies of the Msvideo.dll and Dciman.dll files.
- To replace only the Mciavi.drv file, follow these steps:
1) In Control Panel, double-click the Multimedia icon.
2) On the Devices tab, double-click Media Control Devices.
3) Click the Motion Video Device media control, click Properties, and then click Remove.
4) Shut down Windows, turn off your computer, leave it off for at least three seconds, and then turn it back on.
5) In Control Panel, double-click the Add New Hardware icon.
6) Click Next, click No, click Next, click Other Devices, and then click Next.
7) In the Manufacturers box, click Microsoft MCI. In the Models box, click Motion Video Device (Media Control), and then click Next.
8) Click Finish. When you are prompted to restart your computer, do so.
For more information refer to the following page:
http://support.microsoft.com/support.../Q139/8/06.asp
The game may not be detecting the proper Codec used to play the .avi files. You will need to install the Windows Codecs. This will require your Windows CD to install the Codecs.
1) Go to Start / Settings / Control Panel. Double-click the Add/Remove Programs icon.
2) Click the Windows Setup tab.
3) Double-click Multimedia.
4) Find the listing for Video Compression.
5) If it is checked, uncheck it and click OK and then Apply. Reboot your system. Repeat this process. But only this time, check Video Compression. Press OK. It will ask for the Windows CD. Make sure to reboot the system when the install process is complete.
6) If Video Compression is not checked, check it. Press OK. It will ask for the Windows CD. Make sure to reboot the system when the install process is complete.
EXPLANATION:
This error can occur if any of the following files are damaged or missing from the Windows\System folder:
Msvideo.dll
Mciavi.drv
Dciman.dll
Note that reinstalling the Multimedia component using the Add/Remove Programs tool in Control Panel does not replace these files.

Receive a Mmsystem 296 error or black screen in the game:
You will need to go to the following website and download and install the Mmsys296.exe file.
http://support.microsoft.com/support.../Q219/0/47.asp
The game may not be detecting the proper Codec used to play the .avi files. You will need to install the Windows Codecs. This will require your Windows CD to install the Codecs.
1) Go to Start / Settings / Control Panel. Double-click the Add/Remove Programs icon.
2) Click the Windows Setup tab.
3) Double-click Multimedia.
4) Find the listing for Video Compression.
5) If it is checked, uncheck it and click OK and then Apply. Reboot your system. Repeat this process. But only this time, check Video Compression. Press OK. It will ask for the Windows CD. Make sure to reboot the system when the install process is complete.
6) If Video Compression is not checked, check it. Press OK. It will ask for the Windows CD. Make sure to reboot the system when the install process is complete.
EXPLANATION:
This can be caused if the .AVI files are no longer associated with any media player or if the Microsoft .AVI file support libraries are missing or damaged.

Black screen on launch:
- Make sure you have the latest video and sound card drivers from the manufacturers' websites.
- Make sure that your system meets the minimum system requirements for the game that are listed on the bottom of the box.
- Set your desktop settings to 640 by 480 and High Color (16 bit).
1) Click on Start, go to Settings, and click on Control Panel.
2) When the Control Panel comes up, double-click on the Display icon.
3) Click on the Settings tab.
4) Modify the Color Palette to say High Color 16 bit and the Desktop Area to 640 by 480.
5) Click on the Apply button once the changes have been made and follow the on-screen prompts to finish the process.
- All background applications must be shutdown prior to running the game.
1) Press CTRL+ALT+DEL keys to bring up the Close Program window.
2) The only programs you need to leave open are Systray and Explorer.
3) Highlight the program you want to close and click on the End Task button.
4) Once all the programs are closed EXCEPT Systray and Explorer, you can try the game once again.
- Make sure that Direct 3D is enabled.
1) Click on the Start button ->select Run and type in dxdiag
2) Click the OK button.
3) In the DirectX Diagnostic Tool, select the Display tab.
4) At the bottom make sure that DirectDraw Acceleration and Direct3D Acceleration are enabled.

In town I can't click on some of the buildings. I am running Windows 2000.
This game does not support Windows 2000. We have seen this problem before on Windows 2000 machines. At this time there is no fix for the problem. You must play in Windows 95/98/ME.
The following is an unsupported workaround. Activision cannot be responsible for trying the following solution:
Get Virtualdub from the following site:
http://www.geocities.com/virtualdub/
Load the .AVI files into Virtualdub.
Save the .AVI files as Old-format.

I can see in the options, but when I am in the Town it is dark.
- Make sure you have the latest video card driver from the manufacturer's website.
- Go to the Setup Options and click the Graphics button. Adjust the gamma settings by using the slider bar.
- It may also be necessary to adjust the gamma settings for your video card in the display properties in Windows before starting the game.
1) Click on Start, go to Settings, and click on Control Panel.
2) When the Control Panel comes up, double-click on the Display icon.
3) Click on the Settings tab and then click the Advanced button.
4) Click on either the Color or Color Management tab and adjust the gamma settings.