I have personally tested the following, none of them fixed the issue.

• Executable compatibility properties
  
• System scaling settings
  
• System graphics settings
  
• Game Mode setting
  
• Sound settings
  
• Disable sound devices
  
• Exclude from anti-malware scans
  
• Add to firewall whitelist
  
• Add to Data Execution Prevention whitelist
  
• Add to Nvidia program settings
  
• PhysX settings
  
• Nvidia colour settings
  
• Disable HDMI audio
  
• Nvidia scaling settings
  
• Default Nvidia 3D settings
  
• Upgrade/downgrade graphics driver
  
• Externally install Microsoft Visual C++ redistributable

Windows Vista had a complete overhaul in many things, one of them was audio. The then long-deprecated DirectSound is emulated through Windows Audio Session API, and without direct connection to the audio driver, it causes issues including missing advanced sound effects, 3D audio, and surround sound. In rare cases such as this one, it also resulted in broken games. Either Creative ALchemy or DSOAL can restore the legacy audio by translating it into OpenAL.

I prefer Creative ALchemy[community.pcgamingwiki.com] because it supports every version of EAX, but if you don't own a compatible Creative sound card, you also need an EAX redistributable[community.pcgamingwiki.com] and a restriction removal patch[community.pcgamingwiki.com]. Install the redist, ALchemy, then the patch. After that, run ALchemy and add the installed game to ALchemy-enabled games.

Alternatively, you can use DSOAL[vaporeon.io] instead. Just download it and extract its contents into the game directory. Example:

dgVoodoo2 is a Direct3D 11 and 12 wrapper for older Direct3D (except 10), DirectDraw, and Glide applications. In layman's terms, it translates older graphics interface into a newer one that modern systems can be more easily understood.

Required steps

1. Download[dege.freeweb.hu] the latest stable version of dgVoodoo2 and extract its contents.
   
2. Open the folder you just extracted to and navigate to
   \MS\x86
3. Copy D3D9.dll and paste it into the game directory. Example:
   C:\Program Files (x86)\Ubisoft\Ubisoft Game Launcher\games\Rayman Raving Rabbids
4. Still in the game folder, open SettingsApplication.exe and change any settings to your liking but leave the resolution to 1024 x 768.
   
5. If DSOAL is used, EAX reverb has to be enabled before saving and quitting.

Optional configurations

1. Back to the dgVoodoo2 folder, open dgVoodooCpl.exe.
   
2. Add the game directory under the config folder / running instance option and make sure it is selected. Notice that dgVoodoo.conf is now in the game folder.
   
3. Force the resolution to your liking. I recommend a 4:3 aspect ratio such as 1280x1024, otherwise you'll be getting a stretched image.
   
4. Uncheck dgVoodoo Watermark.
   
5. Click OK to save changes and quit.

Now you can run the game! Just don't change the resolution in the game, if you can help it. 😉

I am not using Linux, but it is likely to work via Proton as well. I've seen one people claimed that it works. If you have tried it yourself on Linux or Steam Deck, please do let me know how it goes in the comments.