This actually started as a review for the game and it has 23 likes so far, so I'm guessing it has helped those 23 to get the game working.

So here's my review in the form of a guide, and with some quick configurations you will hopefully be able to play PR2:

While the game is brilliant, it should be made known that it isn't really compatible with anything over Windows XP.

This was working for me on Windows 7 64bit using an ATI gfx card but since updating it past 14.1 the game no longer works.
I can get the game to boot onto the main menu screen but none of the selectable menu buttons are visable.

On the Port Royale 2 fansite they state there is two option available, either play it on XP or buy the 'Reloaded' version.
I guess Steam doesn't have that version.

I have since managed to get the game working, here's how:

1) (Possibly optional) Try setting your launch options as "-32bit" (without quotations)

2) Select browse local files for Port Royale 2 from the Steam menu, scroll down and right click PR2.exe and select Properties and then select compatibility mode for Windows 98/Windows ME, then click apply.

3) Finally change your desktop resolution to 1280x720 (this is the key part). You may also find that simply by changing your desktop resolution to 1280x720 that you won't have to bother with the other options.

NOTE: EVEN IF YOU ARE USING AN NVIDIA GFX CARD OR USING WINDOWS 8, THIS MIGHT STILL WORK FOR YOU.

Hopefully you will also now be able to play PR2!