Follow this http://www.wipeoutzone.com/forum/sho...in-Windows-8-1

Then replace the EXE,

The instructions says that the game will only recognize first CDROM so if your Daemon Tools is after real drive make sure to change its drive letter,

Also they say it only works in c:\wipeout but IIRC this is not true,

It will run very fast and those frame limiters didn't work in my case,

if all else fails you might want to try PCEM as now it has 3dfx emulation OR stick to EPSXE with very high resolution settings -> it will have fine rendering