Error: Can't get 16bit Colour Screen

I have just bought Grand Prix 3, installed it and tried to play it. But when trying to start GP3 I get the following error message: "Can't get 16bit Colour Screen".
I normally uses 32bit 1600x1200 screen settings. But changing to 16bit 1280x1024 doesn't help. But this setting really shouldn't matter.
I have also installed the GP3 patch v1.13, but the problem remains.

Anyone having suggestions for fixes or ideas about what is causing this problem?

Other games, e.g Colin McRae Rally 2, works just fine.

My specs:
DirectX 8.1
Intel Pentium 4 1.7 GHz
RAM Memory: 256 Mb
Windows Me
Graphics card: Nvidia GeForce 3

Which drivers are you using, and who made your GFX card?

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It's only after we've lost everything, that we are free to do anything.

GFX card: Nvidia GeForce 3.
Manufactured by: Nvidia.

Driver version: 4.0

4.0 ???????????????????????????????
there is a 27.70 driver version....
try to get the latest driver from nvidia (www.nvidia.com and latest version is 23.11) or from Guru3d (www.guru3d.com and the latest version is 27.70)
well hope this helps

Apparently Nvidia has funny ideas when choosing version numbers.
When taking a look at the driver it says "Program version: 4.0". This seems to be the verions of the main program of the graphics card driver.

A closer look reveals version numbers of a lot of drivers belonging to the package. All these drivers have version number 4.13.01.2311 on my computer. I guess that "23.11" is the same as the last four digits.

I have downloaded the latest driver from Nvidia, and it has the same version numbers as the one I have installed.

So the driver is not the issue. Unfortunately I do not know WHAT the issue is. Maybe it is Windows Me....