Some more suggestions in addition to the above. Ensure that the game is not installed in either of the Program Files folders, as those locations cause problems. Right click sh3.exe and set compatibility mode in properties for Windows XP service pack 2. Tick 'run as administrator'. These in addition to the aforementioned 4GB patch are the basics which should get the game running as it should.
Some other tips for avoiding CTDs during gameplay include avoiding using high time compression near ports, avoid scrolling on the nav map whilst using time compression, never use the automatic crew configuration buttons on the crew management screen - drag the sailors individually to the desired stations, and avoid saving the game near land and ships (sunken or otherwise) within about 50km. As you gain experience be sure to consult the included GWX manual, as it contains a lot of useful insights and information.
Good luck.
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