Oops. OK, my message has been edited to indicated the latest patch as v1.2.
But the problem still remains. The version of the actual file that the "private server" executable is version 1.0. If you install the 1.2 patch to play official online games, then you can no longer ever run the special executable of the "private server" because of the version mis-match.
As I previously said, it was possible to do this with the previous release of Call of Duty (not the current CoD2). Namely, you could apply the official patches to your real executable file so that you can join the thousands of servers and at the same time you could run a "private server" file regardless of the version mis-match with the official file. The new change with the registry entry of the version number prevents this from happening.
So what I'm waiting for is a new hacked "private server" file based on version 1.2 of the game executable. Or instructions on how/what to change in the registry (simply changing the version number doesn't work).