that no-cd is crap. i de-installed panzers, re-installed it, patched to v.1.06 and copied the cracked-exe to the dir. i began a new capaign (germans). after saving and reloading the savegame, the game crashed to desktop (gave me a error-message which said something like "failed to open savegame").
now i'm using the original exe again and everything runs fine! btw: i increased vcore in my bios a little bit and i don't have random crashes anymore.