fireship4 (among others) is right:
Simple Solution to the CultistsLaser-bug without any virtual machines:
(O) Install (or move an already installed) Game to C:\CHAOSGTE (or something like that i.e. eight capital letters directly in C:\ )
(O) Download (from http://www.geocities.com/TimesSquare/Galaxy/6777/cgpatch.html) and install the two patches one by one (linking to the directory/file mentioned above)
(O) enjoy the game!! (no need in changing compatibility modes or screen-resolutions/-color depth)
(Works for me. That is: WinXP Pro (SP2 with all updates), DX9c, 7600 Nvidia GPU, Deskop @1280x1024x32b, Game-resolution: 1024x768)
Also tried out Virtual PC 2007 but the native experience is far better than the emulated crap. However I just began playing. Don't know the behaviour of the prog on later missions. Hope it turns out well...)