I already posted this in the other "Fatal Panic Error" topic and the "Dialog skips on Vista" topic, but it was suggested that I create a new thread for it, so here goes:
I just stumbled into a solution for the "Fatal Panic" error that doesn't involve altering the hardware acceleration or sample rate quality. So far, this is working perfectly for me and it may help all of you as well. Much thanks goes to gamebin for his (her?) post in the Q: Dialogue skips under Vista topic, which pointed me towards this solution (if you are interested, the details of how I arrived at this solution can be found there as well).
Please note that I have only tested this on XP and I cannot guarantee that it will do anything at all for Vista users, nor do I make any claims that these instructions even apply to Vista. If someone with Vista wants to try this, I take no responsibility for it, but if it works, make sure you let us know.
Basically, I have determined that the "Fatal Panic" error is actually caused by a problem with QuickTime preferences file that is included with the game. I replaced the file with a modified version of the preferences file that is normally used by QuickTime outside of the game, and now the "Fatal Panic" error is gone, while hardware acceleration and sample rate quality are set to full. Steps to accomplish this:
1. Install QuickTime - I don't know if you can use one of the QuickTime alternatives, since I don't know if they use the same file format for storing preferences. If you don't like QuickTime, you can just install it for the duration of this process, then remove it. You can download it from here.
2. Configure QuickTime - Open the QuickTime preferences, either via the QuickTime Control Panel applet or through the QuickTime Player (launch player, Edit > Preferences > QuickTime Preferences...). Go to the Advanced tab. Under Video, un-check the box for "Enable DirectDraw acceleration". Click OK.
3. Backup QuickTime.qtp - Just in case this fix doesn't work, or it causes the game to become unplayable, you will want to go back to the default settings. Go to the game's install directory (C:\Program Files\GOG.com\Septerra Core by default) and re-name the QuickTime.qtp file to "QuickTime.qtp_old". Make sure you DO NOT rename the QuickTime.qts file, doing that will break the game.
4. Copy the new QuickTime.qtp to Septerra Core - Go to "C:\Documents and Settings\<username>\Local Settings\Application Data\Apple Computer\QuickTime" The "Local Settings" directory is a hidden directory, so if you can't see it, you will need to go into Tools > Folder Options... to un-hide files. Copy the QuickTime.qtp file. Now go to the Septerra Core installation directory and paste the file there.
That's it. Try running the game with hardware acceleration and sample rate quality at full and see what happens. Hopefully your results will be as good as mine were.
Steps to un-do this fix, in case of problems:
1. Delete the QuickTime.qtp from the Septerra Core installation directory
2. Re-name QuickTime.qtp_old to QuickTime.qtp

cogadh, Well done.
GOG, please sticky this thread! :o)

Thank you both, cogadh and gamebin.

Thanks for the help cogadh,
Alas none of it fixed it for me. I have tried everything in the threads for this error with no luck. I'll have to make due with a non-working version of the game, a shame as I had heard good things about it.
(The closest I got was running the game at start up minimized with my sound acceleration turned off AND running the game in 640x480 res - but once it passes the first cut scene I receive a Direct Draw Fatal Panic error all the same).
Alas for me I am giving up. Good luck to any future buyers of this one, I've heard it was a good game.

I'm sorry, I'm not sure I understand fully. Are you saying that you are getting the "Fatal Panic" error during the opening "branding" movies (Monolith logo, etc.) or after you get to the game menu and choose "New Game"? Additionally, I'm wondering about the resolution statement. Since you can't change the game's resolution, I'm curious as to what setting you adjusted. Lastly, since my fix didn't work and this "Fatal Panic" error is clearly a DirectX issue, have you tried updating your video drivers and installing the latest monthly DirectX update?

Aye - I am still getting the Fatal Panic error during the opening branding movies (I am able to watch the Monolith logo swing past but the moment it loads whatever is next the game dumps me out). I can not reach the game menu unfortunately.
The setting I adjusted comes from right clicking on the game and setting the games resolution in the properties there (same area that allows you to set it's compatability for windows 95 and whatnot so rightclick->properties->compatibility and there I check the Run in 640x480 resolution). If I have set the resolution to 640x480 there I can at least watch the first opening movie without the game going into panic the first fatal panic, but it will not load whatever is next due to a direct draw fatal panic. I also must run the game in a minimalized state for this to occur as well (another option done by right clicking->properties->shortcut) or I immediately get a fatal panic).
My video drivers are indeed up to date although I haven't installed the latest DirectX update! I'll give this a try and see if that fixes the game and allows it to run (the last direct x update I have is from May so maybe it is a bit old).
I should mention that I get different fatal panics. If I do the above black magic (run with no sound acceleration, minimized mode, 640x480 resolution and make the changes to the QuickTime preferences as instructed) the first movie will play but I get a Direct Draw fatal panic during whatever it is that happens after the monolith logo plays.
If I leave out any of the above I do not get that far - I get what I assume is the 'normal' fatal panic v1.04 and it does not play the first logo at all. Is there any way to just disable all of the ingame movies and opening titles? I have the feeling the game may work for me with them disabled.
Oh - and don't apologize cogadh! I'm not angry (a bit let down, as I've heard the game is great), and you've helped many others with your fixes. I'm grateful to see someone trying to help others - and if it doesn't work for me it's not a huge loss. :) My system just may be incompatible (which is to be expected in certain circumstances). I'll update my DirectX and see how that goes.
- MadCowTW!

You've tried so many things that at this point, we could be looking at all the different tweaks conflicting with each other to create that "DirectDraw Panic" error. I would honestly start fresh, with a completely reinstalled and unmodified in any way installation of the game, then try using my fix alone and see what happens (after updating DX).

GOG, please make this a sticky!!

Hey again Cogadh,
Sorry for the delay in responding back, my health has been degrading recently and I haven't had much time to get back into the swing of my gaming.
I reinstalled Septerra Core and Quicktime, altering my QT preferences as you suggested and copying the resulting file into the Septerra Core directory. When I did this I noticed that there was no existing quicktime.qtp in the folder at all after my new install. Odd. With the new quicktime.qtp I had made I launched the game and promptly got the Fatal Panic/Access Voilation error during the opening movie sequence. Bummer. :( (It also turns out I did indeed have the latest DX for my OS - WinXP).
After poking about I decided that no movies with a game may be better then no game at all and deleted the quicktime.qts file that came with the install (not the quicktime.qtp). The game now skips the introduction movies and brings me to the main menu - which is further then I've gotten before. I do not know if the game will be playable if the movies can't be loaded in game - so I'm off to try.
Oh, and thanks for helping me Cogadh - even though it didn't work I appreciate the help immensely! Hopefully I can still follow the game despite the missing movies, as the game is awesome indeed!
EDIT - Returning after several hours of play it seems that the cut scenes are skipped entirely without any negative effect in game! This is good news - as I can play the game now, minus understanding some of the plot, but you can piece it together as you go along. I am now in another part of the game now and apparently missed my first in game cut scene without the game crashing! This is great news as the game is alot of fun!
So for those whom unfortunately can't get the movies to play (and thus the game can not load) try this as this allowed me to play the game:
=========================
[1] - Install Septerra Core fresh.
[2] - Go to the Septerra Core directory - you'll find it in C:\Program Files\GOG.com\Septerra Core.
[3] - Backup/rename or delete the quicktime.qts file you'll find there.
[4] - Run the game! For me it causes none of the cut scenes to load which isn't ideal, however the game itself will run fine - and in game cutscenes are skipped without any problem.

If u r gettin panic error while fighting the tentacle monster on shell 7.....This error happens wen the monster does one magical move...i used the cheat to instantly kill the enemy and hence avoided the error
press F12 enter 'IMAREALWEENIE' and F12 to exit command...(Before the combat) now press ctrl + F3 wen in combat and the monster will die instantly.....u ll get all the goodies and exp.
Peace.
Other errors can check this thread. Hope it helps
http://www.valkyriestudios.com/Septerra/fsa.htm

I have to ask, what codecs? On my machine, the only third-party video codecs I have installed are DivX, Cinepak and Indeo, which one could be causing this problem? I have tried running the game without DivX installed and it did nothing. As far as I know, Indeo is included with Windows and Cinepak is still part of Quicktime, so neither of those should be an issue.
EDIT - and after doing a little research, it appears that both Cinepak and Indeo are included with Windows, so DivX was my only extra codec, but it still doesn't seem to be the cause of the issue.
EDIT2 - Also, please note that while I originally did not have this error occur on a clean Windows install followed by a fresh install of the game, after a reboot it came back, similar to what happened while performing the experiments that led to this solution.

With this fix and the new creative audigy drivers (2.18.11) I'm able to run the game in windows XP. (instead of only in wine)

I can't get the game to play (replacing the file didn't work) but renaming the .qts file to something else fixed it, though I can't watch movies.
XP SP3

I tried every tip from the gog forums to get the game to run on windows xp (qtq file, audio acceleration, etc, etc) The only thing that worked for me was uninstalling my current quicktime and installing the "quicktime alternative".

Game is starting with no issues and the videos are playing well.
Got this info from the Septerra Core fansite