Hi
I think I've got another way to get it to work and you don't have to disable the last Virtual drive
It work's reproducable on my computer. The other way's don't work (my computer freezes).
I'll try to explain it as good as I'm able to but my english isn't the best
1. Reboot so you get a "clean" Windows
2. Mount the Image in the physical drive
3. Start game --> Please insert correct disc
4. Unmount image
5. Mount image in the virtual drive
6. Start game --> Please insert correct disc
7. Unmount image
8. Mount it again in the physical drive
9. Start it
10. Should work
And please mount it in a special way. You have to use another option but I installed VirtualCD in german, so I don't know how the option is named in english but I've made an screenshot:

This shows up (maybe in another language ^^) when you're right clicking on the small icon in the taskbar.
I hope you all understand it

If you have questions, just ask them.