When you uninstalled SH3 did you delete all residual files left in your Ubisoft\SilentHunterIII folder? For if you at any stage have installed mods, there's every likelyhood that some of the mod files will remain after uninstallation and reinstallation, thus potentially "reinfecting" your game.
In fact, as part of the uninstallation process, I would even rename your save game folder and start completely fresh. If all is then fine, move your save games back in again and see how it goes.
BTW I have a Geforce3 Ti200 (driver version 56.72 - anything newer is not necessary for this old card) running SH3 v1.4b no problems.
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