Solution 1) Try re-install both IV and IVMP.
Solution 2) try and install else where, i.e documents and then install IV:MP there.
Solution 3) Install latest DirectX.
Solution 4) Run both in administrator.
Solution 5) Run in Windows XP SP3 or Vista.
Solution 6) use Slimdrivers, and see if you are missing any GPU drivers.
if these don't work, report back and ill see if i can find another way.