major graphics problem with dangerous waters

[goldorak]

Originally Posted by Tarrasque

Have you checked to make sure that you haven't forced Dangerous Waters into Anti-Aliasing or Anisotropic Filtering via your graphics card control panel?

Certainly on my system this leads to severe flickering.

Correct, this game in not at all compatibile with filters , disable absolutely any kind of antialiasing and anisotropic/bilinear/trilinear filtering.
Also disable any kind of background invasive processes such as antivirus etc... They tend to make the game flicker continuosly.
As a last resort try playing in windowed mode.
For this to work first set your desktop background at 16 bits and then set windowed mode from within the game settings in dw.