I installed a live version today to a different directory, and got the same error.  I deleted eqgraphicsdx9.dll, eqmain.dll, and eqclient.ini, then ran the OptionsEditor.exe, and finally got it to run when forced to start in 640x480.  Once in-game, I was able to select a different resolution and play with no problems. 
 
So a live version works just fine, I can confirm it's not my hardware. 
		
	
		
		
		
		
		
		
		
		
		
	
		
		
	
	
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