Give it a whirl and report back if it doesn't work. If it doesn't work, specify whether it's the same error or a new one.
I should warn you that almost any error at this point is gonna be met with "Are you up-to-date with Windows Update yet?"

So that should be your next thing to do if it doesn't open.
Remember to run it multiple times, as new updates become available once the older ones get installed. You should include all "optional" updates except for the language packs, as well.
Also if you do in fact still have problems, before trying Windows Update, can you check your device manager and see if your "standard vga adapter" has changed to the proper name?
I still have no idea if this is all for naught because I don't know if the new program Kayin used to make this game is reliant on pixel shader 3.0+. If it is, that's your answer right there.
Kayin, some insight?