The last "disc" versions of the game had numerous issues with newer hardware, particularly newer graphics hardware and video drivers. I remember Intel graphics chips being problematic. But even some graphics cards, now considered old and obsolete were problematic and required workarounds (see stickies section).

Various old Radeon and Geforce cards also had problems with slow load screens under Windows XP, but I seem to remember that Windows 7 was not affected. So as a general rule, you're probably better off with either (very) old hardware and XP or newer hardware and Windows 7.

I know zero about the steam version as that's a platform I've never used.