1) Install game
2) Apply the official 1.05 patch (unless you don't wanna update the game)
3) If you did update to 1.05, then download the 1.05 NO-CD
No-CD/Fixed EXE]here. If you are staying with 1.00, then download the 1.00 NO-CD at the same place.
4) Download Winace to open the ACE archive to extract the exe (it's just like a zip archive)
5) Replace the original exe on your hard drive (somewhere like C:\Program Files\Max Payne\ ) with the new cracked one you extracted from the archive.