Let me start by saying that while I do recommend this game, the Steam version has given people some problems; some say they have had errors on trying to launch, which I have not had, and others have said they have had some in-game oddities such as ships not loading, which I did encounter and initially kept me from advancing past the 2nd map.
The steam version is missing a couple of folders. It is silly but adding these empty folders resolves some of the problems such as the ships not loading. Click Read More if needed to see the fix.
Go to your Steam directory.
In Steam\steamapps\common\Genesis Rising
Create three new folders called 'replay','temp', and 'save' (without quotes)
Then in Steam\steamapps\common\Genesis Rising\data
Create a new folder called 'scripts' (without quotes)
[Many thanks to Future2012 who originally posted this fix.]
Other than that I didn't get any errors on Win7 64-bit when launching it so I don't know if compatibility mode would help or if it is an OS or driver issue. When I did the above fix I have been able to play through several missions without incident.
All that said, the game itself is really good and has everything from voice acting to cutscenes and a story with some deep religious undertones if you care for that, and if not then you still get to blow lots of stuff up and capture enemy ships and bases. In fact there are countless decisions you get to make about how you want to set up your ships and even which ships you want to take. Moreover I pose that you have likely never played a space game quite like it, as it has elements of RTS thrown in and on top of that your ships are ALIVE and can be genetically modified to suit your desires, and changed on the fly to boot. Plus the music and visuals are quite appealing, so if you can get it to work then it is easily worth $5 or more. Good luck!