I had the same problem after installing my original release (2001 version) of EQ and patching to live (12/17). It was frusturating that the patch took a week (slow Internet connection) but what was more frusturating was when trying to load eqgame.exe, the application crashed. I tried it on another, more powerful computer of mine, and the application ran fine.
I tried a lot of things to get it to work but none of them seemed to budge. Soooo in a last-ditch effort here's what I did:
1. Go to C:\Program Files\EverQuest (or wherever your EQ installation is)
2. Look for the file "OptionsEditor.exe" which will be included in your patch up to live. The "date modified" on this file is telling me 6/22/2004. Run this file.
3. Select your video card from the list and click Next.
4. Select as many of the new models as you want displayed. The application is going to suggest how many models you should display. Since I've got 1gb of RAM it's telling me that I should use all the models. Click Next.
5. Here's where you can do some troubleshooting. I suggest dropping your resolution to 800x600 first and seeing if that will make the game boot. If not, try turning off Mip Mapping. What ended up happening with me was that the game was trying to set a refresh rate that Windows was saying my monitor doesn't support and therefore everything crashed.
If this doesn't work try searching the knowledgebase at
www.eqlive.com.