1 - Curiosity - what operating system? (I think I've worked out how to fix the windows 2000 FT sound problems)
2 - Do you have the cd in the drive?
3 - Have you selected the throttle.exe (normally in C:\throttle) in the setup?
When you play full throttle through Q+E it attempts to load the throttle.exe file that youve specified in the options, so you've probably forgotten to specify the location of it.