Disciples 2 seems to somehow clash WindowBlinds. Try unloading WindowBlinds before you start Disciples2. I had the same problem, and adding Disciples to the peer-application list whithin WB didn't work, but unloading WB before starting Disciples does the trick (on my XPSP2 Laptop).
Thank you!!! I first tried adding the apps to the WB per-application list, and it worked! In fact, you only need to add the "Discipl2.exe" to the list and completely exclude it (Don't skin it); You don't need the "D2Ultimate.exe" - the launcher. When I exit the game, I do get some stack fault error... but at least the game launches, intro plays, etc. No need to even unload WB. Thanks again, aufisch!