The game should run on that system.
Try running it window mode
To do this from outside the game go to your documents file, then find the "My games folder" then go into the "Elemental" folder then find the file that is named pref.ini
Open the file in notepad or wordpad (any text editor)
Under the Video settings you should see
DisplayWidth=
DisplayHeight=
Fullscreen=
Set the Fullscreen to 0 so it reads
Fullscreen=0
Then set the displaywidth/height to your desktop resolution (this will make the game run full screen even though it's running in a window).
If that doesn't work it couldn't hurt to download directx from microsoft and netframework.
If that doesn't work maybe check your sound settings or to see if it your sound card causing the problem by setting all the sound in the game to 0
Sfx=0
Music=0
EventMusic=0
AmbientSound=0
If the game works after that then it's a sound driver issue.
Other things you can do is make sure your nvidia card is using it's default settings by going to the nvidia control panel and making sure anti-ailising and anistropic filtering are on "application preference".
If none of that works then go here
https://forums.elementalgame.com/forum/877