I've actually got the original edition for the PC and the PS1, but I also obtained the Ultima Edition. Mainly for comparison purposes.
Basically the ultima edition actually works just as well as the PC or PS1 versions, with a few minor bugs.
I actually generally use the ultima edition now, partly because I can't find my PC version discs. And I lent my PS1 version to a friend (FOOL that I am.)
Works fine. Haven't had any major problems with it.
I've actually got the same system as the original poster, and I had a couple of problems with it.
Couple of things to try:
- update to the 1.02 official patch.
http://elentor.com/Projetos/FF7-Tools/Patches/riva_TNT.exe- That graphics card is a b4stard to get to work properly with ff7. So you're gonna have to compromise. That NVidia card uses the RIVA technology if memory serves me (apologise if i'm incorrect, use TNT if RIVA isnt right). And most people think that if they select the RIVA option in the FF7 config, it will work. They are mistaken. It will work to a point, and that point for most users tends to be the world map.... But it varies.
Try configging the game to use "software renderer" under rendere, and don't use the nvidia checkbox. The game won't look as nice but it won't crash

- To make the game look nicer try using one of the hi-res patches available. I forget which one I'm using, but it's NOT the one with the 25 page thread, as I didn't like the way the characters went into the ground! Nothing against the designers, cos they are doing an awesome job, I'm just using the other one because it doesn't clip the characters feet!
- After installing the RIVA or TNT patch install the chocobo races patch
http://elentor.com/Projetos/FF7-Tools/Patches/ff7_chocobo_patch.zipIt's been known to fix many problems within the game besides it's original purpose.
Basically play with the config utility, it's probably something really simple. Don't forget to try running ff7.exe in compatibility mode for various platforms

Hope this helps!![/url]