The game runs fine on my W7 64bit machine but there are known cases of it not running correctly, if at all, from the game launcher. Navigate to the installation directory and create a shortcut to the game exe, not the launcher one and run it from there.
If your prefs.ini is incorrect you can alter it or simply delete it and launch the game. This will reset all the options to their default settings and allow you to select which you require again.
