You might try running the application in compatibility mode. Click right on the program, select Properties, and the Compatibility tab.
I'm not running XP anywhere handy (only in VMs or behind a VPN at the office) so I won't try to get more detailed than that, but I believe you can select what version of the XP (e.g. pre-SP3) you want to run the program in compatibility mode for.
No guarantees, but if it's a change due to XP SP3, it may allow you to run.
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