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Whatever icon I mouse over when I start the game (say play a scenario or a campaign) that text is what I see on all my icons from then on. anyone else have this issue?
Yes I have the very same issue. Haven't messed with it to try and fix yet. Just got a new computer with Win 7 64. Hopefully someone will figure it out.
Running Vista here, still playable for sure but annoying.

I don't own the GOG version of PG2, but I was having the exact same problem. It seems to be an issue with recent nvidia drivers.

Try using the following fix: DxWnd4PG v1.0
Link and more info here:

So far, it seems to have fixed the problem.
Thanx Foxtrix,
That worked for me. I'm running PG2 on a win7 64 system all text working.