I've tried Windows XP Service Pack 2 compatibility mode and running as administrator and have "-win32" on the launch line without quotes. I am running Windows 7 Ultimate.

Error Message
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Exception 0xC0000005: Access Violation


Call Stack
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0x006CE46B DX2MAIN! (+0x2CD46B)
(unknown)


Register Info
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EAX=0x0018D638 EBX=0x00000000 ECX=0x0000027A EDX=0x00000002
Flags=0x00010202
ESI=0x7EE324C0 EDI=0x00000000 EBP=0x00000000 ESP=0x0018D628 EIP=0x006CE46B


System Info
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EXE Name : C:\Program Files (x86)\Eidos Interactive\Deus Ex - Invisible War\System\DX2Main.exe
EXE Date & Time : 05:13:22 10/13/2012
Current Directory : C:\Program Files (x86)\Eidos Interactive\Deus Ex - Invisible War\System
PDB File (not found) : C:\Program Files (x86)\Eidos Interactive\Deus Ex - Invisible War\System\DX2Main.PDB
Current Date & Time : 08:18:13 AM 8/18/2014
Username : Willis
Computer Name : WILLIS-PC
OS Version : Windows 2000
Time Since Boot : 0 hours 41 minutes 31 seconds
Physical Memory Usage : 35
Physical Memory (Total) : 1073741823 bytes (1024 megabytes)
Physical Memory (Available) : 1073741823 bytes (1024 megabytes)
Swapfile (Total) : 2147483647 bytes (2048 megabytes)
Swapfile (Available) : 1073741823 bytes (1024 megabytes)
Virtual Memory (Total) : 2147352576 bytes (2048 megabytes)
Virtual Memory (Available) : 1949835264 bytes (1860 megabytes)


Standard DLLs
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msvcrt.dll - Version 7.0.7601.17744 from C:\Windows\system32
msvcrtd.dll - NOT FOUND
msvcirt.dll - Version 6.1.7600.16385 from C:\Windows\system32
msvcirtd.dll - NOT FOUND


DirectX DLLs
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dsound.dll - Version 6.1.7600.16385 from C:\Windows\system32
dinput.dll - Version 6.1.7600.16385 from C:\Windows\system32
d3dim.dll - Version 6.1.7600.16385 from C:\Windows\system32
ddraw.dll - Version 6.1.7600.16385 from C:\Windows\system32
dplayx.dll - Version 6.1.7600.16385 from C:\Windows\system32


Unreal DLLs
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Core.dll - NOT FOUND
D3DDrv.dll - NOT FOUND
Editor.dll - NOT FOUND
Engine.dll - NOT FOUND
Fire.dll - NOT FOUND
DXAudio.dll - NOT FOUND
IpDrv.dll - NOT FOUND
Render.dll - NOT FOUND
WinDrv.dll - NOT FOUND
UWeb.dll - NOT FOUND
Window.dll - NOT FOUND

App-Specific Logging Text
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*** Win32 Runtime Fault : ACCESS_VIOLATION
*** Build Feb 11 2004 17:16:57
*** Thread Id : 000013A0h
***
Location : IP=006CE46B SP=0018D628 BP=00000000