In regard to your problem. I had the same. I have found a solution.
First you need to do google search for a program called DeShrink V1.6.
Use this program to DeShrink the driver named MSS32.dll.
I have found that there are times when compatibility mode must be specified for ALL executables in ALL directories, including those on CD.
Before you install, search for and find ALL executables on BOTH CD's. On install cd mark all exe to either compatibility mode 95 or 98, I used 95. After this, remove cd then put cd back in so that your install prog starts automatically.
After install completes, insert play cd, cancel autoplay, change compatibility to ALL exe files on cd.
Then you must go to where game is installed and change compatibility to ALL exe files.
This is when you use DeShrinker prog.
There are a few other things you must do.
If you bios permits you to overclock your system, then you should also be able to UNDERclock my system is 2.6 I underclocked to 1.5, this solves the problem of your processor being to FAST for Might and Magic 6.
I also disabled my AGP acceleration in dxdiag
Start run dxdiag 3rd tab
ONE MORE THING IN DXDIAG, I ALSO MOVED SLIDER ALL THE WAY TO THE LEFT TO DISABLE HARDWARE ACCELLERATION FOR AUDIO.
This solution works for me hope it helps out with this really good game.
PS. Please distribute this to others you know of who are experiencing the same problem 8)