Couple of quick thoughts.
1. where did you get it from? Roberto's site is the most reliable for his tracks if it isn't on here in old archives.
2. Slots make no difference if you are inserting MD correctly and launching via GPxPatch in debug mode with low verbosity.
3. WinXP prefers GP3.exe to be in Win98 emulation if you run it via GPxPatch.
4. Are you low on resources? Ever since installing SP2, Firefox 2 and Thunderbird 1.5, I have experienced problems with some of the higher quality tracks. I can get most of them working after a fresh system boot but Belini Magny Cours and Sakhir are still troublesome.
Hope one of these helps.
Nico bites yer tyres!