i have the same problem:
COD 1.0 build win-x86 Oct  5 2003
----- FS_Startup -----
Current language: english
Current search path:
C:\Alex\Call of Duty\main\pak8.pk3 (235 files)
C:\Alex\Call of Duty\main\pak6.pk3 (3 files)
C:\Alex\Call of Duty\main\pak5.pk3 (4858 files)
C:\Alex\Call of Duty\main\pak4.pk3 (1668 files)
C:\Alex\Call of Duty\main\pak3.pk3 (1992 files)
C:\Alex\Call of Duty\main\pak2.pk3 (694 files)
C:\Alex\Call of Duty\main\pak1.pk3 (2642 files)
C:\Alex\Call of Duty\main\pak0.pk3 (12816 files)
C:\Alex\Call of Duty/main
C:\Alex\Call of Duty\main\localized_english_pak2.pk3 (9 files)
   localized assets pak file for english
C:\Alex\Call of Duty\main\localized_english_pak1.pk3 (3736 files)
   localized assets pak file for english
C:\Alex\Call of Duty\main\localized_english_pak0.pk3 (1204 files)
   localized assets pak file for english

File Handles:
----------------------
29857 files in pk3 files
execing default.cfg
couldn't exec language.cfg
couldn't exec config.cfg
couldn't exec autoexec.cfg
========= autoconfigure
configure.csv: using configuration 0 cpu MHz 256 sys MB 32 vid MB
execing configure.cfg
fs_basepath is write protected.
fs_homepath is write protected.
Hunk_Clear: reset the hunk ok
...detecting CPU, found Intel Pentium III
Measured CPU speed is 0.50 GHz
System memory is 256 MB (capped at 1 GB)
Video card memory is 16 MB
Streaming SIMD Extensions (SSE) supported

----- Client Initialization -----
----- Initializing Renderer ----
-------------------------------
----- Client Initialization Complete -----
----- R_Init -----
Initializing OpenGL subsystem
...initializing QGL
...calling LoadLibrary( 'C:\WINDOWS\SYSTEM\opengl32.dll' ): succeeded
...setting mode 3: 640 480 FS
...using colorbits of 32
...calling CDS: ok
...registered window class
...created window@0,0 (640x480)
Initializing OpenGL driver
...getting DC: succeeded
...GLW_ChoosePFD( 32, 24, 8 )
...1 PFDs found
...GLW_ChoosePFD failed
...GLW_ChoosePFD( 32, 24, 0 )
...1 PFDs found
...hardware acceleration found
...PIXELFORMAT 2 selected
...creating GL context: succeeded
...making context current: succeeded
video card cannot set mode 640x480 because GL_MAX_TEXTURE_SIZE is only 256
...restoring display settings
...WARNING: could not set the given mode (3)
...shutting down QGL
...unloading OpenGL DLL
----- CL_Shutdown -----
RE_Shutdown( 1 )
-----------------------
Hunk_Clear: reset the hunk ok
Could not load OpenGL.  Make sure that you have the latest drivers for your video card from the manufacturer's web site.

i have MesaFx but it doesn't help