Windows 64-Bit
Wipeout XL/2097 for PC

Copy the contents of your Wipeout CD to a folder on your PC.
Copy Setup32.exe from to the folder you created.
In the folder you created right click on Setup32.exe and select Properties.
Navigate to the Compatibility tab, Check box labled "Run this program in compatibility mode for:".
Select Windows 95, and Apply.
Execute Setup32.exe Enjoy.

FYI: This tutorial doesnt solve problems with the game, its only a bypass for the 16-bit installer.
on my laptop (WIN8 64 AMD GPU/CPU) it crashed at intro viedo. I did manage to get them playing by removing
my 64bit codecs and replacing them with 32bit ones. But it still crashed after they played.
Ill test more when I have time, perhaps someone with a Nvidia or non AMD gpu +64bit Win could test and post there result.