I managed to run the game,finally.If the game was crashing at startup,it should have been the music at intro screen that's causing the problem and yes it was.I noticed the startup music was in .mp3 while all others in .wav.So, I just converted .mp3 to .wav and replaced the .mp3 file and Voila!!, game now runs.
Playing now, although my 7 minutes of trial were wasted in troubleshooting
but yes it's a great game and I will definitely buy it.
BTW: Indy, I think the game music should all be in same format i.e. in wav or ogg or mp3 so that these type of problems don't occur. I don't know how all other games were running with music in different formats but not "Millenium". But, hey all is well that ends well.