This file is created to run the game under Win10/11 and was taken from the GOG version of the DW.

download link:
https://cloud.mail.ru/public/o7nB/wZjYom7Zw

Just unpack this d3d8.dll into your steam DW folder: steam/steamapps/common/dangerous waters/

Launch the game.

If the game crashes when trying to change resolution try change it by manually editing the configuration file. To do this exit the game, open the dangerouswaters.ini file in the game folder and edit string:
.ModeID 1
where 1 is the default display resolution value. try change this number from 1 to 2 or 3 or 4 where 4 is the max supported resolution = 1600*1200
.ModeID 4
save file. Launch the game.