|i'm thinking either your graphics card is too old and weak, or too new. (however, you didn't mention anything about your hardware, which makes this harder).|
Make sure your drivers are the most available and up to date.
If your video meets minimum system requirements for the game, this may be a problem with the game being TOO OLD for your hardware. And don't even bother with Windows Compatibility Mode, this is a joke and has never solved a problem for anyone. ever.
I have been able to get around the older games issue in the past by adding "-OpenGL" switch to the shortcut for the game. Say for example the game executable is in "C:\Program Files\Eternal Land" and the shortcut on the desktop points to "C:\Program Files\Eternal Land\EL.exe" or something. You would edit the properties of the shortcut so that it points to the following:
"c:\program files\eternal land\el.exe" -OpenGL
also, i can't remember if the -OpenGL switch goes inside the quotes or outside. Try both i guess, or hit google.
basically, that's supposed to run the game without relying on Microsoft's DirectX, and can sometimes avoid graphics related issues.