Your screenshot says a lot.
As you have installed SH3 outside of Program Files, UAC is not the problem, regardless of where you may have previously installed it. The telltale proof of this is that you do not have a VirtualStore link present in your screenshot (such a link indicates the presence of a VirtualStore folder).
So, looking at other causes, a recent K-Lite codec pack has been known to adversely impact both SH3 and SH4. Have you installed such a pack lately? Indeed, I guess any codec pack for Vista could upset an "older" game like SH3.
Failing that, I have no idea, outside of the usual installation and mod/file conflict problems.
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