I've a working NO-DVD version of the NWN2 1.03840 (most recent version) in my notebook.
Here's what I've done:
1. Mounted my [MULTI] DVD ISO (created from the original files ofc) of the game with daemon408-x86.exe (most recent version of DT) and installed.
2. Closed DT with all EMU ON.
3. Updated the game through the "Update Neverwinter Nights 2" program.
4. Mounted the poseden_MAXI_NWN2.mds in DT (poseden image from GCW).
5. Closed DT with all EMU ON.
6. Started the game through the shortcut.
Working like a charm and as you can see I didnt use YASU, Disconnected/Removed my DVD Drive.
Possible reason why its not working for you:
1. You're not mounting an ISO from the original files. Probably its a ripped/cracked version.
2. You've sh*t blacklisted programs in your computer. (Possible from other games, cracks, you name it).
You cant get simpler than this.
Have fun.