Here's a trick that may work for you, it involves downloading the Port Royale 1.4.0.3 SPANISH patch as it's not protected!
I tested this on the UK version of Port Royale, but didn't test Multiplayer as I don't like MP. It may work for other languages!
First, you have to use a utility called INNO SETUP UNPACKER from SourceForge to extract the patch files from the Spanish patch (its a console util so you'll have to use the command prompt in windows).
INNOUNP can be downloaded here:
Code:
http://prdownloads.sourceforge.net/innounp/innounp012.rar?download
The command to extract the files is
innounp x PR1_403_spanish.exe the files will be extracted to a folder called
{app} .
Next, install the 1.4.0.3 patch for your language and replace the PortRoyale.exe, Aim20.dll & Walhalla.dll with the ones you extracted from the Spanish patch!
If you don't replace the Aim20.dll or Walhalla.dll files with the ones from the Spanish patch I noticed the Menu graphics get corrupted and in the tutorial I couldn't click on my ship as the sea was blacked out. Using the files from the Spanish patch cured those problems!
Hope it works for you!