Consider yourself lucky it didn't run. It ran no problem on my system. Only problem was the game is crap. EA used all the polygons and good textures on the cars and the pavement. The trees, buildings, people etc. are poorly done and look like little cardboard 2d figures stuck into the map.
 
This was in 1024x768x32 with all rendering options set on high.
 
Papyrus are the only people who seem to know how to make a good F1 simulation. Hope they put out a new one someday.
 
I have PIII550, Viper 770Ultra with 3.81 drivers and 384mb ram, so everything else being fairly equal, I would guess your video drivers may be your problem. Win2k does not like overclocking very much either, so if your cpu or video card is o/c, set them back to normal and try that also.

i thought the graphics looked abit **** aswel.
oh, it installed and rane fine on my system in win2k
k6-2
voodoo3
ali V chipset