Its not that your computer isnt good enough for GTA3, its just GTA3 is too old to run with new drivers (dx9.0c etc). Rockstar would need to release a patch to update the game for it to work again.
I suppose you could try this patch:
GTA3 v1.1 Update
Thats if you havent already. It does mention a fix for an exception error after the rockstar logo... :thumbup:
(Click on the 'download' tab, and choose the second link on that page...)