So just open the patch folder provided by this guy and overwrite (copy-paste) the following files into the directory where you installed the game: the WolfSP.exe, cgamex86.dll, qagamex86.dll and uix86.dll.
Now the game should work but you won't be able to change the sucking default settings. To do that run the game and go to OPTIONS, SYSTEM and instead of changing individual settings (like resolution alone) go to 'Quality' at the top of the list, just below 'Set Recommended' and select 'High Quality'. That's the best that worked for me. You can try to custom select individual settings but that gets you an Open.gl error.
If you do get the Open.gl error go to the game directory, 'Main' and delete wolfconfig.cfg. Don't worry it isn't an essential game file it actually just appears as an additional file when you change the game default settings (it is created after the game installation is complete and you start playing, like a savegame) so it doesn't harm the game. You can then run the game again and try other custom settings and see if they work for you.
Also beware that in the beginning you might get a few graphic errors like white bodies of enemies and white guns but don't get disappointed they will switch to normal just when you reach the room with doctor Zee upstairs. I think these errors will appear again in intros and movies but at least they don't last in the actual gameplay.
