I just thought I would mention that this IS POSSIBLE - I thought it was old news until I just saw some posts turning away some sad folk.
Instructions for playing the 3dfx version in Windows 7 / 64 bit:
0. insert/mount 3dfx version
1. install game with MechVM: http://www.mechvm.org/
2. get/install MW2Hook: http://www.warp13.co.uk/mech2
3. copy DPLAY.dll from the directx folder on the mech2 cd to the game dir (default is mechvm\game dir)
4. get dgvoodoo: http://dege.freeweb.hu/
5. setup dgvoodoo in game dir and off you go with mw2inject! (that is, get dgvoodoosetup.exe and the glide dll from dgvoodoo and put them in the mech2 dir. then run dgvoodoosetup if needed)
6. make sure your cd is in/mounted on the d drive for cd audio. HIGHLY RECOMMENDED!