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BasileiosII said:
I had this problem too with 1.04. It is the Bink Player. If you close binkplay.exe (or something like it) in the task manager the game will run. Or rename the AVI folder as already suggested or block Bink Player startup by EU2 with your Firewall.
Bink player has nothing to do with the firewall.

Here is my standard advice if it does not work then post back here.
1) Make sure you have the latest patch for the game.
2) Rename the AVI folder to AVI_back
3) Set the color depth to 16BIT
4) Turn off everything in the background like E-mail/ICQ/Messenger, Virus protection and everything in the system tray beside the clock.
5) Update your Windows, update your Video card drivers and audio card drivers. Then repeat steps 1-3.