Well, this is funny, it is.
I get a crash to desktop with an unhanded exception for the CTP2 Executable. (WinXP)
Been trying to see if there is some other program that's responsible for it, or there was some compatibility issue, to no avail, bah, not really,. I managed to get different error numbers (go windows).
The funny part? I had tried Apolyon's Community patch before realizing the CD issue...
and with it it works, except for the part of needing the CD, which reasonably I don't own.
So, anybody has any idea what this might be?
Thanks in advance.

im getting a CTD as well everytime i start the game. The loading bar comes up , it finishes and then CTD. Using XP as well.

Similar problem.
Loading bar, then it minimizes as the logo videos play. I bring the game up and get CTD.
I press close the program but I can still alt-tab to the game menu and play around with it, albeit with scattered visuals.

The Source Code Project is now GOG.com compatible (no CD check anymore). Try and see if it helps.

EDIT:
Ok.. I found a fix... the problem is the video files in game (namely the intro video and possibly the wonder of the world videos).
Go to your file browser where you installed the game. I.e.: D:\games\call to power 2\ctp2_data\default\videos
In there you will see a bunch of video files... cut those and paste them into a temp folder (dont delete them). Now launch the game.. it should work now (it does for me).
The encoding in these video files must be real old or just weird, causing issues on many computers.
Hope it helps.