Hi
I installed Master Of Orion 2 today and had the same problem. I searched the web for a solution but I didn´t find anything usefull.
The following worked for me
(i also uninstalled DX8.1 but it didn´t help)
Run dxdiag as admin
Deactivate Direct3d Acceleration and DirectDraw Acceleration
Thats everything now Play
Hope it helps you (and other people like me who are searching for a solution)